Cash Share Reaches Historic Low in Uzbekistan: Central Bank Report

The Central Bank of Uzbekistan published a report on the state of cash circulation for 2024. The key finding is a historic reduction in the share of cash in the total money supply, dropping below 20%. As of January 1, 2025, this figure stood at 19.2%, down from 21.5% in 2023 (a decrease of 2.3 percentage points) and 22.3% in 2022 (a decrease of 3.1 percentage points).

The total money supply (M2) reached 277 trillion UZS at the beginning of 2025, demonstrating annual growth of over 30%. Cash in circulation (M0) amounted to 53 trillion UZS, an increase of 15.2% compared to the previous year.

Key Indicators:

Total monetary inflows in 2024 reached 840 trillion UZS (+26%). The share of cash inflows decreased from 62% to 60%, while terminal payments increased from 38% to 40%.
Cash turnover through banks exceeded 1 quadrillion UZS (+22%). Banks accepted 501 trillion UZS in cash (+21%) and disbursed 510 trillion UZS (+19.5%).
Currency purchase operations rose to 122.4 trillion UZS, increasing their share of total cash expenditures from 22% to 24% (+33.4%).
Funds deposited to bank cards amounted to 1.03 quadrillion UZS (+86.6% compared to 2022). Cash withdrawals from cards totaled 226 trillion UZS, with 83% conducted through ATMs.

Banknotes Update:
The total number of banknotes in circulation increased by 152 million units due to new issuances.

200,000 UZS notes rose from 18.6% to 23.4% of total circulation.
20,000 UZS notes increased from 4.4% to 6.7%.
100,000 UZS notes dropped from 42.5% to 40.9%, and 50,000 UZS notes declined from 20.5% to 16.6%.
Banknotes with denominations of 100,000 and 200,000 UZS now account for over 64% of total cash circulation.

The Central Bank continues its program to replace old banknotes with new ones. The share of old 5,000, 10,000, and 50,000 UZS notes dropped from 67%, 64%, and 61% to 25%. The share of old 100,000 UZS notes fell from 39% to 18%.

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