Cash withdrawals increase in Uzbekistan amid growing economic activity

As of October 1, 2024, cash accounted for 20.7% of Uzbekistan's total money supply, reflecting an uptick in cash withdrawals, particularly through ATMs, according to the Central Bank of Uzbekistan.

Over the first nine months of 2024, cash transactions through bank counters and ATMs increased by 68 trillion UZS, representing a 23% rise compared to the same period last year. The surge is largely driven by a 30 trillion UZS increase in ATM cash withdrawals and a 21 trillion UZS rise in cash foreign currency purchases by banks.

In response to heightened economic activity during the spring and summer months, which led to increased demand for cash, the Central Bank issued additional currency into circulation. By the end of September, an extra 8 trillion UZS in cash was released.

This trend underscores the growing use of cash in Uzbekistan’s economy, with the Central Bank continuing efforts to meet the rising demand.