In October, the positive difference between the purchase and sale of foreign currency by the population exceeded $600 million. This is stated in the brief overview of currency operations by individuals from the Central Bank.
From January to October of this year, the total volume of banks' operations for buying and selling foreign currency with individuals increased by 19% compared to the same period last year, reaching $20.91 billion. Citizens sold currency amounting to $13.19 billion (+32%) and purchased currency worth $7.72 billion (+2%).
As a result of ten months, Uzbeks sold banks $5.46 billion more in currency than they purchased. This created additional currency supply in the domestic market.
Additionally, from January to September of this year, investments in fixed capital grew by 31%. The main growth was attributed to centralized investments, which accounted for 89% of the total volume. The volume of foreign direct investments also increased by 1.6 times, reaching $8 billion.
As a result of 11 months, the Uzbek som depreciated against the dollar by only 4.26%, which is half the rate of consumer price growth. In the context of a strong national currency, imports become cheaper, while exports become less attractive.
Earlier, Spot reported that Oman's Sohar International Bank plans to enter the Uzbek market.