Uzbekistan sees November drop in remittances despite strong yearly growth

Cross-border money transfers to Uzbekistan have increased by 25 percent since the beginning of the year, according to a Central Bank report on the domestic foreign-exchange market.

From January to November, the population sold $19.4 billion in foreign currency to banks, up 32.8 percent from the same period in 2024. In November alone, individuals sold $2 billion.

At the same time, purchases of foreign currency by citizens rose by only 24.7 percent, reaching $10.6 billion. In November, individuals bought $1 billion in foreign currency.

As a result, the gap between sales and purchases amounted to $8.7 billion, a 42.6 percent increase, expanding by roughly $900 million in November.

In addition, the volume of money transfers to Uzbekistan rose by one quarter over 11 months to reach $17.3 billion. In November, transfers fell by more than 20 percent compared with the previous month, totaling $1.48 billion. However, the figure is still 28.1 percent higher year-on-year.

Outward transfers from Uzbekistan through international money-transfer systems totaled just $2.4 billion, down $157 million from the corresponding period in 2024. In November, outward flows amounted to about $200 million.