In 2023, peer-to-peer (P2P) transfers between individuals in Uzbekistan saw an increase of 56%, reaching a total of UZS 224.3 trillion ($18.2bn), the Central Bank reported.
Of these transfers, 65.7% were made to Uzcard cards, while the remaining 34.3% were made to Humo cards.
Rise in Payment Application Transfers
The total number of transfers made through payment applications also saw a substantial increase of 78%, amounting to 31.4 mn transactions. This resulted in a transfer of UZS 603.8 trillion ($48.9bn), with 91% of payments between legal entities being made remotely.
Payments through the clearing settlement system saw a 1.3-fold increase, amounting to UZS 78 trillion ($6.3bn). Half of these operations were conducted on UzAuto Motors.
The number of QR codes issued to businesses increased by 3,000, reaching a total of 100,700. Transactions conducted using these QR codes nearly doubled, increasing from UZS 137bn ($11.1mn) to UZS 337bn ($27.3mn).
Central Bank’s Forecast for 2024
The Central Bank of Uzbekistan has forecasted a 10-15% increase in money transfers for 2024, amounting to $12-12.5bn. This projection was stated in the Central Bank’s review of the labour market.
The regulator believes that the creation of additional conditions for migrant workers and the demand for workers abroad will maintain the dynamics of migration and money transfers this year.
Cross-Border Money Transfers
In 2023, the volume of cross-border money transfers to Uzbekistan increased by 14%, a significant rise compared to the 3% increase in 2022.
The Asian Development Bank recorded positive dynamics of money transfers from the Russian Federation to the countries of Central Asia in the spring of last year.
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