Central Bank cites remittances as key driver of currency stability

Between January–November 2025, inflows of international money transfers reached $17.3 billion, a sharp increase from the same period last year. The Central Bank said the surge in remittances helped strengthen the national currency and eased pressures on the foreign exchange market.

Earlier analysis by economist Mirkomil Holboyev, based on nine months of official income statistics, found that without growth in remittances, per capita incomes in Uzbekistan would not have increased this year. His calculations also suggested that higher transfer inflows prevented a rise in poverty across eight regions.

Foreign exchange market dynamics reflected the broader trend. Over the first 11 months of the year, individuals sold $19.4 billion in foreign currency to banks, up 33 percent, while purchasing $10.6 billion, an increase of 25 percent.

During the same period, the UZS strengthened by 7.5 percent. The Central Bank attributed the appreciation to a combination of factors, including higher export revenues, increased foreign borrowing, relatively stable import payments, a significant rise in international remittances, and growing investment inflows, particularly foreign direct investment.