Cash in circulation hits UZS 66 trillion as Central Bank reports surge in usage

The Central Bank reported that the UZS 100,000 bill accounts for 36.2% of the total cash mass in circulation. It is closely followed by the UZS 200,000 banknote, which holds a 30.6% share. Notably, the UZS 200,000 denomination saw the most significant growth in usage during the first quarter, increasing its share by 2.1 percentage points. In contrast, other denominations maintain smaller portions of the market, with UZS 50,000 at 18.3%, UZS 20,000 at 6.2%, and UZS 10,000 at 4.4%. Smaller bills, including the UZS 5,000 and UZS 2,000 notes, as well as those under UZS 1,000, collectively account for less than 5% of the total.

During the period from January to March, the total volume of cash turnover through banks amounted to UZS 330 trillion, a 25% increase over the first quarter of 2025. Cash receipts at banks also saw a substantial rise, climbing by UZS 34 trillion or 26%. Furthermore, citizens withdrew UZS 71 trillion from their bank cards during these three months, highlighting a continued reliance on physical currency for daily transactions.

Despite the increase in overall volume, the Central Bank noted that the amount of cash actually released into circulation decreased by UZS 2.6 trillion during the first quarter. The total number of physical banknotes in circulation also dropped by 262 million units, bringing the count to approximately 2.184 billion pieces. Additionally, the share of cash within the total money supply stood at 16.9%, which is 1.7 percentage points lower than the previous year, suggesting a gradual shift toward digital payment methods even as large-denomination bills dominate physical usage.