Cash amount in circulation exceeded 50 trillion UZS for the first time

According to the information provided by the Central Bank on monetary aggregates, the broad money mass in Uzbekistan increased by 5.7 trillion UZS in July and reached 242.2 trillion UZS as of August 1.

In particular, the money supply in the national currency has increased by 6.5 trillion UZS and is 186.9 trillion UZS.

Also, the balance of foreign currency deposits decreased by 778 billion UZS, while the money supply in the narrow sense increased by 2.3 trillion UZS.

In particular, the balance of cash in circulation increased by 539 billion UZS in July and amounted to 50.4 trillion UZS as of August 1. This is a record figure.

Compared to the beginning of the year, the cash balance increased by 4.8 trillion UZS. Other deposits in national currency increased by 17.2 trillion UZS during the year, and by 4.2 trillion UZS in July.

Money mass in a broad sense includes cash, national and foreign currency savings and deposits on demand in other non-financial and financial organizations.

Money supply in the narrow sense includes cash in circulation and demand deposits in national currency.

In addition to long-term factors (economic growth, demographic changes and development of the financial sector), the increase in demand for cash is also influenced by factors such as seasonal economic activity, increase in remittances from abroad, stability of exchange rates.

According to analysis and observations, the acceleration of economic activity in Uzbekistan starting from April-May (increasing the number of weddings and similar ceremonies, speeding up construction work, summer cooking, recreation and related expenses) increases the demand for cash, and this trend continues until November. continues.

In the period from November to March, the volume of cash in circulation decreases significantly.

With the increase of money transfers from abroad in April-November, the volume of currency sales by the population also increases. This trend will accelerate if the value of the soum strengthens or remains stable against the US dollar.