The volume of cross-border money transfers has surged by 2.2 times in Uzbekistan, the country’s Central Bank reported. In January-October 2022, growth trends in both export earnings and import payments were discovered in foreign trade. The volume of export earnings (excluding the export of gold) soared by 23.3%, and import – by 21.2%, the volume of cross-border money transfers – 2.2 times.

Besides, over the reported period, a positive difference was formed between the purchase of foreign currency from the population and the sale of foreign currency to the population by banks, which amounted to $2.8bn.

'This situation, observed in foreign economic relations, balanced the domestic foreign exchange market and had a positive impact on the stability of the national currency, the exchange rate of the soum against the US dollar weakened by 3.5% compared to the beginning of the year,' the message reads.

Late in October, the Central Bank also reported that over the past 9 months of this year, the volume of money transfers to Uzbekistan increased by 2.2 times, to $12.6bn.