According to a financial review published by the Central Bank, the net sale of foreign currency by the population of Uzbekistan in 2025 reached 9.7 billion US dollars. This figure reflects that commercial banks purchased foreign currency from private individuals in volumes exceeding the sales amount for the specified period. This growth amounted to 44% compared to the figures for 2024.
The shift in the model of handling foreign currency among residents occurred against the backdrop of the national currency strengthening. By the end of 2025, the exchange rate of the sum to the US dollar increased by 6.9%. This made storing savings in sums more profitable, which prompted citizens to actively convert accumulated foreign currency. Simultaneously, there was a decrease in the dollar dependence of deposits, which fell from 25% to 21%.
Uzbekistan's international reserves increased by 61% during 2025, reaching 66.3 billion US dollars. Excluding gold, which accounted for the main part of the growth due to record global prices, the increase was 23%. The reduction in pressure on the domestic foreign currency market was reflected in the overall financial conditions of the country. The financial conditions index improved, and the banking system's financial stress index decreased to a historical minimum. The Central Bank named the stability of the money market as one of the key factors in this dynamic.
Nevertheless, the regulator does not consider the foreign currency issue resolved. The early warning map records an expansion of banks' net open position in foreign currency, which increases their sensitivity to exchange rate fluctuations. Furthermore, in a survey on systemic risks, exchange rate volatility ranked second among banks' concerns, according to 31% of respondents.
From January to May 2026, the trade turnover of Uzbekistan with the member states of the Eurasian Economic Union (EAEU) amounted to $8.96 billion.
According to data from the National Statistical Committee, the total volume of Uzbekistan's foreign trade for the same months reached $32.8 billion. The share of trade with EAEU states was $8.96 billion, which is approximately 27.3 percent of Uzbekistan's total foreign trade volume.
During the reporting period, Uzbekistan's exports totaled $12.6 billion, of which $2.9 billion was directed to EAEU states. The import volume reached $20.1 billion, with $6.07 billion accounted for by EAEU states.
During this period, Uzbekistan maintained trade relations with 185 countries worldwide.
The volume of remittances sent to Uzbekistan in the first quarter of 2026 amounted to $3.8 billion USD. This demonstrates a 13% growth compared to the same period last year. The data was presented in the latest labor market review published by the Central Bank of Uzbekistan.
The evolution of the geographical diversification of remittance inflows continued. Russia's share in the total amount of received funds decreased from 77.6% in the first quarter of 2025 to 72.4%, corresponding to the sum of $2.75 billion USD.
The Central Bank explains this decreasing trend with several factors: the increase in the cost of work permits for foreign workers introduced in Russia at the beginning of the year, the relative devaluation of the Russian ruble in March, and the expansion of the geographical presence of Uzbek citizens working abroad.
Against these changes, the share of remittances coming from other countries increased. In particular, Kazakhstan's share grew from 3.1% to 4.1%, with the volume of transfers from this country reaching $155.8 million USD. South Korea showed an identical share, sending $155.8 million to the country.
Furthermore, the share of remittances from European countries increased from 2.31% to 2.54%. The overall share of all other countries increased from 13.6% to 16.2%, providing an inflow of $615.6 million USD.
According to the regulator, 1.34 million Uzbek citizens were officially employed in Russia under official permits in the first quarter. This figure reflects a decrease of 8.8% compared to the previous quarter and is 1.8% lower than the level recorded a year earlier. The Central Bank attributes this reduction to both normal seasonal factors and structural changes in the international labor market.
Meanwhile, labor migration to other destinations continues to grow. The number of official work permits issued to Uzbek citizens in Turkey reached nearly 70,000 people, which is 14% more than in the first quarter of the previous year. The number of Uzbek citizens employed in South Korea is also growing, reaching 99,600 people.
Overall, external population mobility maintains strong upward momentum. In the first three months of 2026, 1.63 million Uzbek citizens traveled abroad, which is 11.6% more compared to the same period last year. Reflecting this trend, the total volume of passenger air traffic increased by 32%, reaching 2.25 million people.
