Tashkent, Uzbekistan (UzDaily.com) — Over the past nine months, Uzbekistan has seen a rise in cash circulation, driven by an increase in nominal monetary mass without significant structural changes in the sources of funds flowing into banks and the distribution of funds issued. This was reported by the Central Bank of Uzbekistan.

The volume of cash in circulation grew by 16% compared to the beginning of the year, attributed to rising household incomes and purchasing power. The total amount of monetary inflows from January to September 2024, including cash and transactions through terminals, reached 605 trillion UZS, marking a 27% increase compared to the same period in 2023.

The share of inflows through terminals also rose, increasing from 38% in the first nine months of 2023 to 41% in the same period of 2024. The share of inflows from trade and services through terminals grew from 40% to 44%.

The cash turnover in banks from January to September 2024 amounted to 727 trillion soums, with cash inflows to banks totaling 360 trillion soums and cash withdrawals from bank counters reaching 367 trillion soums. This represents a 23% increase compared to the same period in 2023.

Cash inflows to banks increased by 66 trillion soums (23%) compared to the previous year. Specifically, income from banking services rose by 23 trillion soums, from trade by 19 trillion soums, and from paid services by 13 trillion soums.

Cash expenditures through bank counters (including ATMs) also increased by 68 trillion soums (23%) compared to the same period of last year. This was linked to a rise in cash withdrawals from bank cards by 30 trillion soums and an increase in cash foreign currency purchases by 21 trillion soums.

During the first nine months of 2024, deposits to bank cards totaled 740 trillion soums, increasing 1.3 times compared to the same period in 2023. Over this time, funds withdrawn from bank cards amounted to 167 trillion soums.

To meet the additional demand for cash during the spring-summer period, the Central Bank decided to issue an additional 8 trillion soums in cash. As of 1 October 2024, the share of cash in the money supply stood at 20.7%, which is 3.2 percentage points lower than the same period of last year.