Uzbek banknotes. Photo: kun.uz.
From January through November of this year, the volume of money transfers to Uzbekistan from abroad totaled $17.3 billion. Over the eleven-month period, the figure rose by 25 percent, Spot.uz reports, citing a report by the Central Bank of Uzbekistan.
According to the regulator, about $1.5 billion was transferred to the country in November, which is 20 percent less than in the previous month. However, compared with November 2024, the volume increased by more than 28 percent.
Over the same eleven months, a total of $2.4 billion was transferred from Uzbekistan to other countries, $157 million less than in the corresponding period of 2024. In November alone, the outflow of foreign currency amounted to about $200 million.
The report also notes that between January and November 2025, residents sold $19.4 billion worth of foreign currency to banks, a 32.8 percent increase year on year. In November, this figure exceeded $2 billion.
At the same time, purchases of foreign currency by citizens rose by 24.7 percent, to around $10.6 billion. In November alone, residents bought approximately $1 billion in foreign currency from credit institutions.
As a result, the gap between foreign currency sales and purchases reached $8.7 billion, increasing by about $900 million.
The Central Bank did not provide data on which countries accounted for the largest share of remittances to Uzbekistan.
In January–June of this year, remittances from abroad to Uzbekistan totaled $8.2 billion. At the time, the regulator noted that one factor behind the increase was the strengthening of the currencies of countries where large numbers of Uzbek labor migrants are employed. For example, the Russian ruble appreciated by nearly 30 percent against the U.S. dollar since the start of the year. In addition, many countries continue to experience strong demand for labor and relatively high wage levels.
It was уточнено that the bulk of inflows during the reporting period traditionally came from Russia—$6.4 billion, or 78 percent of all transfers—followed by Kazakhstan, the United States, South Korea, Turkey, the United Kingdom, and Kyrgyzstan.
Meanwhile, in its second-quarter results, the Central Bank noted that growth in remittances from Russia, the United States, and Europe as a whole had slowed. At the same time, transfers from the Baltic states—Lithuania, Latvia, and Estonia—increased, while Asian countries continued to show stability.
