Uzbekistan's bank cash turnover up 19% to $67bn in 2023

By bne IntelliNews January 30, 2024

Uzbekistan recorded a bank cash turnover of UZS 831 trillion (or approximately $67bn) in 2023, marking a 19% y/y increase, the Central Bank of Uzbekistan has reported.

Cash receipts at credit institutions' cash desks rose by 20% to UZS 414 trillion ($33.4bn). This figure represented 62% of total receipts, with a slight decrease in share. Sales of goods were the main cash source for banks, comprising 38% of the total, despite a 3% decline over two years.

Revenue from banking services was UZS 138 trillion ($11.1bn). The paid services sector contributed UZS 41.4 trillion ($3.3bn), accounting for 10% of total receipts. Taxes and mandatory payments were consistent with those of 2022, at 2%, or UZS 8.3 trillion ($669mn).

Cash receipts from bank cash desks totalled UZS 669 trillion ($54bn), marking a 28% increase from 2022. Payment terminals, representing 38% of this total, brought in UZS 255 trillion ($20.6bn), with the trade and services sector contributing UZS 102 trillion ($8.2bn).

Cash consumption in banks increased by 17% to UZS 417 trillion ($33.6 bn). Card withdrawals, making up 45% of total cash consumption, rose to UZS 189 trillion ($15.2bn). Cash withdrawals as a percentage of total card credits fell from 27% to 24%. In total, bank cards were debited UZS 789 trillion ($64bn).

Cash payments for salaries (8%) and pensions with benefits (5%) continued to decline in share. Cash wages slightly increased to UZS 33.3 trillion ($2.7bn), while pension payments decreased to UZS 20.8 trillion ($1.7bn).

Cash in circulation (M0) reached UZS 46 trillion ($3.7bn) in January 2024, representing 21.5% of the total money supply of UZS 212 trillion ($17bn). This was a 0.8% decrease in cash share compared to 2023.

The Central Bank of Uzbekistan announced that it was maintaining its key interest rate at 14% during a January board meeting. This decision, it said, aligned with managing strong economic demand and the goal of reducing inflation gradually to 5%. Headline inflation at the end of last year stood at 8.8%.

#Uzbekistan #Banking #Cash

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