• Sign in
  • 1744009905_435.svg 1744009905_642.svg

  • Latest news
  • Top headlines
  • Most read
  • Columnists
O'zbekcha
Ўзбекча
Русский
  • O'zb
  • Ўзб
  • Рус
  • Eng
  • O'zb
  • Ўзб
  • Рус
  • Eng
  • Latest news
  • Top headlines
  • Most read
  • Columnists
    • USD12768.26
    • RUB162.63
    • EUR14400.04
    • Google play
    • App Store
    • Telegram
    • Tashkent
      +29°C
      • Andijan
      • Karshi
      • Bukhara
      • Samarkand
      • Ferghana
      • Sirdarya
      • Jizzakh
      • Termez
      • Namangan
      • Tashkent
      • Navoiy
      • Tashkent reg
      • Nukus
      • Urgench
    • Daryo
      • About Daryo
      • Editorial office
      • Contact us
      • Terms of use
      • Privacy policy
      • News archive
    • Advertisement
    • Social networks
      • Instagram | Main
      • Instagram | Lifestyle
      • Instagram | Sport
      • Facebook | Main
      • OK | Main
      • YouTube | Daryo
      • YouTube | Daryo in Russian
      • YouTube | Daryo Global
    Telegram Youtube Facebook Instagram Twitter vkontakte
    Daryo logo white
    • Uzbekistan
      • Others
      • Navoi
      • Tashkent region
      • Syrdarya
      • Jizzakh
      • Kashkadarya
      • Surkhandarya
      • Khorezm
      • Bukhara
      • Samarkand
      • Namangan
      • Fergana
      • Andijan
      • Karakalpakstan
      • Tashkent City
      • DaryoKindness
      • Weather
    • Central Asia
      • Uzbekistan
      • Afghanistan
      • Kyrgyzstan
      • Kazakhstan
      • Turkmenistan
      • Tajikistan
    • World
    • Money
      • Business
      • Economics
      • Finance
      • Crypto
    • Culture
      • Movies
      • Books
      • Music
      • Celebrities
    • Lifestyle
      • Women only
        • Children
        • Beauty
        • Carrier
        • Advises
        • Fashion
        • Recipes
      • Technology
        • Architecture
        • Gadjets
        • Science
        • Space
        • Media
      • Auto
      • Entertainment
      • Travel
      • Health
      • Education
        • Entrant
        • Learn english
    • Sport
      • Football
      • UFC
      • Boxing
    infinix
    Daryo.uz - Login
    Daryo.uz Daryo.uz
    Daryo.uz - Login
    Uzbekistan

    Uzbekistan's banking sector records 28% increase in cash receipts

    Uzbekistan's banking sector records 28% increase in cash receipts

    In 2023, the banking sector of Uzbekistan experienced a substantial increase in cash receipts, totaling UZS 669 trillion (approximately $53.6 bn), marking a 28% surge compared to the previous year. This data, derived from the review conducted by the Central Bank of Uzbekistan, sheds light on the evolving financial landscape within the country.

    Source: Daryo

    The review indicates that cash receipts to banks escalated by 20% over the course of the year, amounting to UZS 414 trillion (approximately $33.2 bn). Despite this notable uptick, the proportion of cash in the total cash receipts fell from 66% to 62%, as compared to 2021 when it stood at 69%. Conversely, receipts through terminals witnessed a significant surge of 44%, reaching UZS 255 trillion (approximately $20.4 bn). This surge contributed to an increase in their share from 34% to 38%, with the figure for 2021 recorded at 31%.

    Furthermore, bank card transactions saw a considerable surge, with a total of UZS 789 trillion (approximately $63.2 bn) credited to bank cards in 2023, marking a 1.4-fold increase from the previous year. Interestingly, there has been a trend of funds received on cards increasingly being withdrawn in the form of cash. The data reveals a steady decline in cash withdrawals from bank cards over the past years: 31.9% in 2019, 34.4% in 2020, 31.7% in 2021, 26.9% in 2022, and 24% in 2023.

    Moreover, the share of cash in the total money supply (M2) as of January 1 of the current year decreased to 21.5%, representing a 0.8% decrease compared to the previous year. This reduction follows a growth trend observed in 2022. For context, the share of cash in circulation reached 27% in 2019, 23% in 2020, 19.7% in 2021, and 22.3% in 2022.

    Total Cash Receipts in 2023: by Khadicha Abdurashidova
    Chairman of the Central Bank of Uzbekistan, Mamarizo Nurmuratov, previously explained the high proportion of cash in the economy by highlighting the prevalent nature of cash transactions in markets. He noted that approximately 80% of purchases and sales transactions in Uzbekistan occur in markets, influencing the high share of cash in circulation.

    President Shavkat Mirziyoyev emphasized the detrimental impact of the shadow economy, estimating damage to the state budget at UZS 30 trillion (approximately $2.4 bn) and to GDP at UZS 135 trillion (approximately $10.8 bn). Mirziyoyev underscored the impediment posed by the shadow economy to legitimate business operations.

    In a bid to formalize employment within the construction sector, Deputy Prime Minister Jamshid Kuchkarov announced plans to introduce a standard for the number of workers required for construction projects, slated to come into effect from April 1, 2024. This initiative is expected to initially impact state-funded construction projects.

    Furthermore, authorities are exploring strategies to reduce cash circulation and promote electronic payments. Plans include incentivizing entrepreneurs with high sustainability ratings by offering tax exemptions, expedited VAT refunds, and streamlined tax overpayment reimbursements.

    The launch of an entrepreneurial sustainability rating on February 1 aims to bolster the formalization of businesses and combat the shadow economy. Entrepreneurs with high ratings stand to benefit from favorable tax treatment and expedited administrative processes, further incentivizing compliance with regulatory frameworks and fostering economic transparency and stability.

    Follow Daryo's official Instagram and Twitter pages to keep current on world news.

     
     
    07.02.2024, 02:39   Comments (0)   3139
    Facebook Twitter LinkedIn Telegram Email
    Khadicha Abdurashidova

    Comments (0)

    Sign in
    Leave A Reply Cancel

    On this topic

    EU-CA Investors Forum announces €10bn to boost Central Asian transport infrastructure 

    29.01.2024, 18:11

    Central Asia's tech landscape: NASDAQ milestones, World Bank funding, and regulatory shifts in January 2024 

    02.02.2024, 23:00

    Central Bank of Uzbekistan emerges as world's second-largest gold buyer 

    06.02.2024, 12:50

    Poland invites citizens from Uzbekistan to work, starting salary €750

    07.02.2024, 02:37

    Belarus delegation explores collaboration with Uzbekistan in education sector

    07.02.2024, 02:19

    British company to import 10,000 tons of mung beans from Uzbekistan 

    06.02.2024, 23:34
    ×Lightbox Image

    Daryo.uz | Solution to your problems


    Beeline Uzbekistan started 2025 with a significant network modernization


    Beepul 's rising popularity: 3.5x user growth, transaction up 2.3x in 2024


    More than 500,000 new users: residents of Uzbekistan choose the Hambi superapp


    Don't want to waste time standing in lines? Pay your utility bills through the Ipoteka Retail mobile app?

     

    Recommended

    "We wouldn’t have won without U.S. aid" – The hidden truths behind the USSR’s World War II victory

    12 May, 15:39

    Uzbekistan's banking deposits surge to $25.2bn in March

    8 May, 17:24

    Uzbekistan to host 59th ADB Annual Meeting in Samarkand for second time

    8 May, 11:26

    Uzbekistan sees rise in cross-border travel as outbound tourism jumps 20%

    7 May, 12:38
     
     
     

    Latest news

    “Uzbekistan could have gone to war with neighboring countries" – says Abdulaziz Kamilov

    Uzbekistan | 31 May, 12:06

    President of Uzbekistan proposes “Central Asia–Italy” business club to boost cooperation

    Uzbekistan | 31 May, 10:01

    Kyrgyzstan open to global cooperation in fintech and digital economy, says PM Kasymaliev

    Kyrgyzstan | 30 May, 17:39

    Tashkent ranks among Central Asia’s top 3 cities in Global Cities Index 2025

    Uzbekistan | 30 May, 15:07

    Uzbeks migrating to Khanty-Mansi region are returning to their ancestral lands, says Russian MP

    Uzbekistan | 30 May, 14:00

    Kazakhstan and Italy explore investment fund to advance agro-industrial complex

    Kazakhstan | 30 May, 13:05

    Uzbekistan, Pakistan explore joint textile production as Yunus Textile Mills eyes investment opportunities

    Uzbekistan | 30 May, 12:00

    Uzbekistan’s banking sector sees NPLs ease to 4.2%

    Uzbekistan | 30 May, 10:43
    Daryo About Us

    Full reproduction or partial quoting of material, as well as the use of photographic, graphic, audio and/or video materials of Daryo (the Uzbek Press and Information Agency (UzAPI, now the Agency for Information and Mass Communications under the Presidential Administration of the Republic of Uzbekistan) is registered on 13.03.2015 with certificate number No. 0944 as a mass media) is allowed if there is a hyperlink to the website daryo.uz and/or are accompanied by a note indicating the authorship of the online publication Daryo. Individual publications may contain information that is not intended for users under the age of 18. Info@daryo.uz

    Telegram Youtube Facebook Instagram Twitter vkontakte

    © Simple Networking Solutions, 2013–2025

    Age restriction

    Did you find a bug? Press Ctrl + Enter

    • Terms of use
    • Privacy policy
    • Advertisement
    What are we going to search for?

    Sign In or Register

    Welcome Back!

    Login below or Register Now.

    Google

    or with email

    Leaving a comment, Пользовательского соглашения and Политики конфиденциальности

    Register Now

    Already registered? Login.

    Google

    or with email

    A password will be e-mailed to you.

    Leaving a comment, Пользовательского соглашения and Политики конфиденциальности

    Found an error in the text?

    ×

    Thank you. We have received your message and will fix the error as soon as possible.