$ 3.1 billion in transfers to Uzbekistan in four months - Central bank

$ 3.1 billion in cash transfers entered Uzbekistan in January-April 2023. This was reported by the central bank.

It is noted that the volume of transfers increased by 20.8 percent compared to the corresponding period of 2022. In particular, while the transfers in the first 3 months were on high indicators compared to the corresponding period last year, in April there were $ 763 million in cash transfers, which means almost 30 percent less than in April last year.

In a press conference, the chairman of the central bank Mamarizo Nurmurodov commented on this, noting that since the beginning of the year, the Russian ruble has been depreciated by 1.4 percent, which can also lead to a decrease in transfers to Uzbekistan.

In addition, in January—April, the positive discrepancy between the foreign exchange purchases of banks from the population and foreign exchange sales to the population amounted to half a billion dollars. In this case, the foreign exchange sales of the population amounted to 3.3 billion dollars, and the foreign exchange purchase of the population was 2.8 billion dollars.

At the meeting of the management of the Central Bank of Uzbekistan on may 4, it was decided to leave the basic rate unchanged at the annual level of 14 percent. It was reported that annual inflation rates in the country continued to fall in March and April, respectively, at 11.7 and 11 percent respectively. Seasonal factors and the high base effect of the previous year were also instrumental in this decline.