Since the beginning of the war in Ukraine, more than 60,000 non-residents have opened accounts in Uzbek banks and their funds are around $892 mn. This makes up approximately 15% of total retail deposits that are around $6 bn, said the Chairman of the Central Bank in Uzbekistan in a speech at the Senate, on June 2.
“Daryo” reported in 2022 about the impact of the war on Uzbekistan, and the number of non-resident bank account holders remains about the same. Many of them fled Russia to avoid conscription in the Russian Army.
The Central Bank of Uzbekistan should consider implementing a similar policy as seen in Georgia regarding the funds of non-residents. The Central Bank of Georgia requires Georgian banks to hold at least 80 percent of non-residents' deposits in liquid assets, considering the possibility that non-residents' funds will be withdrawn in a concentrated time.
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