In 2023, Uzbekistan recorded an increase in peer-to-peer (P2P) transfers, with the total reaching UZS 224.3 trillion ($18.2bn), a 56% rise from 2022, reports the Central Bank of Uzbekistan. Of these transfers, 65.7% went to Uzcard cards and 34.3% to Humo cards.
Transfers through payment applications grew by 78%, leading to 31.4mn transactions. This resulted in a volume of UZS 603.8 trillion ($48.9bn), with 91% of payments between legal entities conducted remotely. Payments through the clearing settlement system increased by 30%, totalling UZS 78 trillion ($6.3bn), with half related to UzAuto Motors.
The number of QR codes issued to businesses rose by 3,000 to 100,700. Transactions using QR codes increased by 146%, from UZS 137bn ($11.1mn) to UZS 337bn ($27.3mn).
The Central Bank of Uzbekistan expects a 10-15% rise in money transfers for 2024, aiming for $12-12.5bn. This is based on enhanced conditions for migrant workers and consistent demand for workers abroad, expected to maintain the momentum of migration and money transfers.
Cross-border money transfers to Uzbekistan also grew by 14% in 2023, compared to a 3% rise in 2022. The Asian Development Bank reported positive trends in money transfers from the Russian Federation to Central Asia in the previous spring.
Related Articles
Report says explosion hit pipeline that delivers Turkmen gas to Russia, but Turkmenistan no longer sells gas to Moscow
Ukrainian outlet Kyiv Post on August 2 reported sources within Ukraine's Main Military Intelligence Directorate (GUR) as stating that an explosion in Russia disabled a section of ... more
New agreement provides for more than 1,000 weekly flights between Uzbekistan and Russia
Uzbekistan and Russia have struck an agreement under which the number of weekly direct flights between the two countries can be more than tripled to more than 1,000 per week, according to ... more
Construction work on $4.6bn Trans-Afghan Railway could reportedly be under way within six months
Construction work on the proposed Trans-Afghan Railway could be under way within six months, while the project could cost around $4.6bn to deliver and cut shipping transit times from Uzbekistan to ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
23 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago