Cash Accelerated, But "Digital" is Coming: What is Happening to Money in Uzbekistan

The Central Bank of the Republic of Uzbekistan presented an overview of monetary circulation for 2025. Against the background of growing economic activity, the turnover of cash through banks increased significantly, but the trend towards digitalization continues: the share of terminal and mobile payments continued to grow.

The total volume of cash inflows, including cash and terminal transactions, reached 1,075 trillion soums, which is 28% more than the previous year. Terminal receipts increased their share from 40% to 43%, and in trade and services — from 44% to 48%. The turnover of cash through banks amounted to 1,250 trillion soums: issuance exceeded receipts and reached 635 trillion soums. The main increase is associated with withdrawals from cards, the purchase of foreign currency and the withdrawal of deposits.

Receipts to bank cards increased 1.4 times — up to 279 trillion soums. To cover the difference between issuance and inflow of funds, the regulator put 16.8 trillion soums into circulation. At the same time, the share of cash in the money supply decreased to 18.1%, which confirms the steady growth of non-cash payments.