In the first half of 2026, the money supply in the economy of Uzbekistan continued to grow steadily. According to data from the Central Bank, as of July 1 of this year, the broad money supply (M2) amounted to 425.1 trillion soms, which is 46.5 trillion soms, or 12.3 percent, more than at the beginning of the year.
Experts believe that the increase in money supply indicates economic activity, an expansion of deposit volumes in the banking system, and the activation of credit processes. Nevertheless, to prevent this process from triggering inflationary pressure, it is crucial to conduct monetary policy in a balanced manner.
One of the key trends in the report is the rapid growth of the money supply in the national currency. Over six months, this indicator increased to 353.9 trillion soms, which accounts for 44.9 trillion soms or 14.5 percent. As a result, funds in the national currency accounted for 83.3 percent of the total broad money supply.
This reflects growing trust among the population and entrepreneurs in the sum, as well as an increased interest in keeping funds in the national currency. The narrow money supply (M1), which includes cash in circulation and demand deposits, also showed positive dynamics. This indicator grew from 15.7 trillion soms at the beginning of the year to 160.4 trillion soms, an increase of 10.8 percent. Despite a short-term decrease in February due to seasonal factors, growth rates recovered in subsequent months.
The volume of cash in circulation (M0) reached 75.3 trillion soms, representing a growth of 9.9 percent or 6.8 trillion soms. The slower growth of this indicator compared to the overall money supply indicates an increasing share of transactions conducted without cash, through electronic payments and bank cards in the country.
The most significant growth was recorded in term deposits in the national currency. They increased by 17.8 percent or 29.2 trillion soms, reaching 193.5 trillion soms over six months. This is particularly noticeable against the backdrop of the decline of other money aggregates in February, suggesting that the population and businesses prefer to place their funds in banks for longer periods, strengthening the resource base of the banking system. Furthermore, demand deposits in the national currency grew by 11.6 percent, amounting to 85.2 trillion soms.
Deposits in foreign currency, conversely, grew by only 2.4 percent or 1.7 trillion soms, reaching 71.2 trillion soms since the beginning of the year. The growth rate of these deposits is almost six times lower than that of deposits in the national currency, highlighting the growing interest of citizens and entrepreneurs in holding funds in soms.
The growth in money supply is explained by the expansion of trade and services in the economy, the increase in financial resources through the banking system, and sustained economic activity. Simultaneously, the rapid growth of deposits in the national currency indicates a tight monetary policy conducted by the Central Bank, high interest rates, and growing public confidence in the national currency.
The relatively low growth in cash can be attributed to the spread of the digital economy, online payments, and banking services. This contributes to increasing economic transparency and reducing the circulation of cash. However, for the 12.3 percent growth in money supply not to intensify inflationary pressure in the future, it is critically important that the supply of goods and services in the economy grows proportionally.
In recent years, continuous reforms have been implemented in the country to modernize the non-ferrous metallurgy industry, expand production capacities, and produce high value-added products. The Almaliq Mining and Metallurgical Complex, one of the country's leading industrial enterprises, plays an important role in this process.
The Copper Beneficiation Plant, one of the largest components of the complex, is celebrating its significant anniversary this year—65 years since the first copper concentrate was obtained. Over the years, the enterprise has transformed from a simple beneficiation plant into a large industrial complex equipped with modern technologies and possessing high production capacity.
The construction history of this plant dates back to the 1950s of the last century. The initial design for the construction of the enterprise was developed by the 'Mexanobr' institute in 1953. This document was later refined several times and approved in 1956. In 1958, the technical design of the plant was prepared by specialists from the institute. As a result of many years of research and construction work, the first shift of the Copper Beneficiation Plant was put into operation in June 1961. It was here that copper concentrate production was launched for the first time in the country's history. This event was an important historical milestone not only for the complex but also for the development of non-ferrous metallurgy in Uzbekistan.
Currently, 5 main and 5 auxiliary workshops are operating at this plant. The annual ore processing capacity of the enterprise amounts to 39.9 million tons. Of this, the No. 1 Crushing Workshop accounts for 24.1 million tons, the No. 2 Crushing and Beneficiation Complex accounts for 9.8 million tons, and the Crushing and Grinding sections of the New and Flotation Workshops account for 6 million tons. The plant supplies over 680 thousand tons of copper concentrate to the copper smelting plant annually. The amount of pure copper in it exceeds 108.5 thousand tons.
As of the end of 2025, 39.3 million tons of ore were processed at the plant, producing and supplying over 116,963 tons of copper concentrate to the plant.
Extensive modernization works are being carried out at the enterprise based on the relevant decision dated September 30, 2018, and the program to reconstruct and stabilize production capacities. An important stage of the reconstruction program is the construction of the No. 8 flotation monosection. This facility will significantly expand the flotation chain and create the necessary technological capabilities to increase the volume of ore processing. Upon completion of the planned work, the annual ore processing capacity of the Copper Beneficiation Plant will reach 45 million tons.
In addition, according to the approved 'Roadmap', the installation of 29 non-selective concentrators is planned to introduce gravitational beneficiation technology. This technological innovation will significantly increase the efficiency of separating valuable components and bring the technical and economic indicators of production to a new level.
Today, the Copper Beneficiation Plant, with its glorious 65-year history, has become a large industrial complex that combines rich experience and solid traditions with modern technologies, advanced engineering solutions, and innovative approaches. The ongoing modernization works at the enterprise serve as an important factor in further strengthening the leading position of the Almaliq Mining and Metallurgical Complex in the country's non-ferrous metallurgy sector and bringing Uzbekistan's export potential to a new level.
Sequential work is underway in the Muborak district of Karashar district to launch new industrial capacities with the participation of foreign investments and the production of export-oriented products. This contributes to increasing the region's industrial potential, creating new jobs, and expanding export geography.
Currently, several production enterprises are operating in the district with the participation of investors from China, Russia, Turkey, South Korea, Afghanistan, and Iran. At these enterprises, competitive goods based on local raw materials and modern technologies are prepared and subsequently supplied to external markets.
One such enterprise is the company 'Mu Yuan', established with the participation of Chinese capital. Two million US dollars were invested in this project, after which a modern production process was launched. Aluminum products are manufactured at this enterprise, and the finished goods are exported to the Chinese market.
This not only increases export volume but also strengthens the competitiveness of domestic products in the international market. Currently, about 30 local residents are continuously employed at this enterprise. The investment projects being implemented in the Muborak district are of great importance as a practical result of reforms aimed at diversifying the region's industry, ensuring employment, and expanding the production of export goods.
