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    Uzbekistan

    "Depreciation of ruble negatively impacts economy" - Mamarizo Nurmuradov

    "Depreciation of ruble negatively impacts economy" - Mamarizo Nurmuradov

    In an interview with journalists from Daryo.uz, Mamarizo Nurmuradov, the Chairman of the Central Bank, revealed significant concerns regarding the depreciation of the Russian ruble, which has led to a decline in monetary remittances to Uzbekistan. He emphasized that the depreciation of the Russian ruble by 26% since the beginning of this year has had a pronounced negative impact on the volume of money transfers from Russia to Uzbekistan.

    Mamarizo Nurmuradov, the Chairman of the Central Bank in Uzbekistan
    Source: Daryo,uz

    The Chairman further elaborated that approximately 80% of the total volume of foreign remittances to Uzbekistan originates from money transfers from Russia. For instance, in the first half of 2022, remittances amounted to $6.5 bn, while during the corresponding period this year, the figure declined to around $5.1 bn due to the ruble depreciation. This ongoing depreciation has inevitably affected the overall inflow of funds into the Uzbekistan.

    Despite the challenges posed by the decline in remittances, Uzbekistan has managed to achieve a notable economic growth rate of 5.6% in the first half 2023, surpassing the corresponding period of the previous year.

     

     

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    28.07.2023, 10:55   Comments (0)   1342
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