Uzbekistan sees 26% growth in cash and digital transactions in 2024

Uzbekistan experienced robust growth in cash and banking operations in 2024, reflecting the nation’s evolving financial landscape. The total cash inflow, including electronic payments, surged to 840 trillion soums, a 26% increase from 2023. The share of digital transactions rose to 40%, underscoring the growing adoption of cashless payment systems.

The banking sector recorded 1,011 trillion soums in cash transactions, with a 22% year-over-year increase. Cash deposits rose by 21%, driven by a 33 trillion soums boost from banking services and 22 trillion soums from trade.

The Central Bank introduced 10.3 trillion soums in new banknotes and phased out older denominations. Banknotes of 200,000 soums grew in circulation from 18.6% to 23.4%, while smaller denominations like 50,000 soums declined in proportion. Coins worth 54.5 billion soums were issued to improve change availability in retail and services.

Cash withdrawals from bank cards grew by 19.5%, reaching 226 trillion soums. The demand for cash withdrawals reflected higher purchasing power and increased economic activity.

The modernization of currency and a rise in digital transactions demonstrate the country’s commitment to creating an efficient monetary system. With new policies encouraging digital payments and phasing out older banknotes, Uzbekistan is fostering a more streamlined and modernized cash circulation ecosystem.

This trend reflects Uzbekistan's drive for economic resilience, leveraging advancements in financial technology and effective central banking measures.