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

Read in IntelliNews Pro

Get IntelliNews Pro

Related Articles

COMMENT: How Uzbekistan is suddenly emerging as a global fintech and e-commerce leader

With its 37mn inhabitants, Uzbekistan is the most populous country in Central Asia – a landlocked region that is comprised of five countries formerly part of the Soviet Union. Until 2017 Uzbekistan ... more

Uzbekistan's leading PVC maker Akfa Aluminium receives first credit rating

Akfa Aluminium, the largest manufacturer of PVC and aluminium profiles in Uzbekistan and one of the leading industrial companies in Central Asia, has received its first-ever credit rating from ... more

Uzbek diaspora leader sentenced to four years in penal colony in Russia over social media post on eggs

Usman Baratov, head of the interregional Uzbek community "Vatandosh," has been sentenced by a Moscow region court to four years in a general regime penal colony for inciting hatred and enmity, ... more

Dismiss

Chat with usLiveChat