Tashkent, Uzbekistan (UzDaily.com) -- The main factors that influenced the formation of indicators of the balance of payments of the Republic of Uzbekistan for 9 months of 2020 were changed in the internal and external conditions associated with the ongoing COVID-19 pandemic, which led to a decrease in foreign trade turnover, a slowdown in global business activity and an increase in financial risks.

At the same time, given the fact that during 9 months of 2020 the introduction of quarantine measures was of a local nature, the risk of a negative effect on cross-border remittances did not materialize and transfers to residents remained at the level of the corresponding period of 2019.

In addition, the observed positive dynamics of world prices for gold made it possible to partially offset the reduction in export volumes. Under the influence of the above factors, the current account was formed with a deficit of US$434.2 million (US$1.8 billion during 9 months of 2019).

At the same time, the negative balance of the trade balance and primary income (US$4.2 billion) was partially offset by the positive balance of secondary income (US$3.7 billion). At the same time, the negative balance of the financial account made up US$755 million. Due to the growth of financial liabilities of residents (US$6.1 billion), as well as the acquisition of financial assets by residents (US$5.3 billion).

The net international investment position of the Republic of Uzbekistan as of 1 October 2020 reached US$22.3 billion. An analysis of the international investment position by sectors of the economy showed that at the end of 9 months of 2020, the general government and other sectors retain the position of a “net creditor”, while the banking sector is a “net borrower”.

The total external debt of the Republic of Uzbekistan as of 1 October 2020 made up US$29.3 billion, of which US$18.7 billion is the debt of the public sector, and US$10.6 billion –private external debt.