The Central Bank of Uzbekistan has released its "Brief Review on Cash Circulation" for the period of January to June 2024, revealing substantial increases in total cash receipts and changes in the structure of cash flow across various sectors.
According to the report, total cash receipts during the first half of 2024 amounted to UZS 385 trillion ($30.5 bn), marking a notable 30% increase compared to the corresponding period in 2023.
The composition and dynamics of general monetary income by Khadicha Abdurashidova
A noteworthy trend highlighted in the report is the growing share of terminal receipts from trade and services in total cash receipts. Specifically, terminal receipts increased from 38% in the first half of 2023 to 41% in the same period of 2024, demonstrating a shift towards electronic payments and digital transactions in commercial activities. Moreover, the proportion of terminal receipts relative to total cash receipts rose from 40% to 45%, indicating a broader adoption of terminal-based payment methods among businesses and consumers alike.
In terms of cash circulation through banks, the report indicates a substantial increase in volumes. Specifically, cash receipts through banks amounted to UZS 458 trillion ($36.3 bn) in the first half of 2024, with cash deposits and withdrawals evenly balanced at UZS 227 trillion ($18 bn) each. This represents a 24% increase compared to the corresponding period in 2023, maintaining a stable structural distribution of cash flows to banks.
Funds received on bank cards and their dynamics of cash flows by Khadicha Abdurashidova
Furthermore, the report highlights a significant surge in transactions via bank cards, with UZS 468 trillion ($34 bn) processed during January-June 2024. This marks a remarkable 130% increase compared to the same period in 2023, showing a substantial shift towards card-based transactions in the country's financial landscape. Notably, UZS 107 trillion ($8.5 bn) were transacted via bank cards compared to cash, indicating a growing preference for digital payment methods over traditional cash transactions.
The Central Bank's proactive measures to manage cash supply are also detailed in the report. In response to increased demand, the Central Bank injected an additional UZS 4.1 trillion ($325 mn) into circulation during the first six months of 2024. This strategic move aims to stabilize liquidity and meet the growing cash needs of the economy effectively.
Looking ahead, as of July 1, 2024, cash in circulation represented 21.1% of the total money supply, marking a decrease of 3.7% compared to the previous year.
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