The regulator reported that while demand for foreign currency among legal entities rose by 24% compared to 2024, supply expanded at a faster pace of 36%, creating a substantial surplus in the market.
Export revenues and foreign loans boost supply
Foreign currency supply generated through export revenues increased by 18% to $18 billion in 2025. Of that amount, $9.8 billion was sold on the domestic foreign exchange market – 19% more than the previous year.
Commercial banks also significantly expanded foreign currency sales through external borrowing. Sales financed by foreign loans surged by 69%, reaching $9.7 billion.
In the structure of import financing, the share of currency conversion on the domestic market remained broadly stable at 63.7%, unchanged from 2024. Meanwhile, the share of imports financed from companies’ own foreign currency resources declined to 24%.
The bulk of purchased foreign currency was directed toward productive and financial obligations. According to the Central Bank:
- 50% was used for importing equipment, goods, and raw materials for production;
- 28% went toward servicing and repaying foreign currency loans;
- 17% financed imports of consumer goods and pharmaceutical products;
- 2% was allocated for repatriation of foreign investors’ income;
- 3% was used for other purposes.
Households increase net sales
Households played a major role in strengthening currency supply. In 2025, individuals sold $21.7 billion worth of foreign currency to banks – 1.4 times more than in 2024. At the same time, their purchases of foreign currency increased by 27%, exceeding $12 billion.
As a result, the gap between foreign currency supply and demand among households reached $9.7 billion, also 1.4 times higher than the previous year.
Cross-border remittances remained a key source of inflows. Transfers into Uzbekistan rose by 28% to $18.9 billion, while outbound transfers declined by 5% to $2.6 billion.
