How much cash is in circulation? New records in Uzbekistan's financial system
The Central Bank of the Republic of Uzbekistan has published its updated report on the money supply in the country's financial system. According to the report, broad money increased by 9.4 trillion soums in July, totaling 434.5 trillion soums as of August 1, 2026.
Specifically, the money supply in national currency grew by 7.3 trillion soums to reach 361.2 trillion soums, while foreign currency deposits increased by 2 trillion soums, and narrow money grew by 1.4 trillion soums.
Concepts of money supply: What do narrow and broad indicators mean?
The Central Bank uses these two main indicators to assess inflation, economic growth, and financial stability:
Narrow money (M1): The most liquid and easily spendable "mobile" funds in the economy. This includes cash in the hands of the population and enterprises, as well as demand deposits in banks. They directly participate in daily purchases, services, and prompt settlements;
Broad money (M2): Fully encompasses all cash and non-cash funds, including time and savings deposits in national and foreign currencies. They indicate the overall purchasing power, investment potential, and savings reserves of the population in the economy.
Cash reached a record 76.3 trillion soums, but its share is declining
Important facts regarding the dynamics of cash circulation and non-cash payments in the domestic market:
Record cash funds: In July, the balance of cash issued into circulation increased by 1 trillion 25 billion soums, reaching a record milestone of 76.3 trillion soums as of August 1. Since the beginning of the year, this figure has grown by 7.8 trillion soums;
Sharp growth in deposits: Other deposits in national currency grew by 35.1 trillion soums over the year, and by 5.9 trillion soums in July alone;
Declining share of cash: Although the absolute volume of cash in circulation is increasing, its share in the total money supply is consistently decreasing:
In 2013 — 23.6%;
In 2025 — 18.9%;
As of August 2026 — 17.5%.
Dominance of digital finance: Over the past year, the growth rate of cash (27.5%) has significantly lagged behind the growth of the total money supply (37.6%). This confirms that bank cards, online payments, and deposits are developing faster in the economy.
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