According to data presented in the Fiscal Strategy for the period 2027–2029, Uzbekistan's national debt reached $46.9 billion at the beginning of 2026, which accounts for 31.9% of GDP.
The total debt volume is distributed as follows: $39.8 billion is attributed to external public debt, and $7 billion to domestic public debt. In one year, the national debt increased by almost $6.7 billion, equivalent to a 16.7% growth.
In 2020, the national debt was estimated at approximately $23.4 billion. By the end of 2025, this figure approached double its value. Meanwhile, the share of debt to GDP decreased from 33.3% in 2020 to 31.9% by the end of 2025.
The external debt includes loans attracted in the name of the Republic of Uzbekistan amounting to $35 billion, as well as loans obtained under state guarantee, which totaled $4.8 billion.
According to the Fiscal Strategy, it is expected that by the end of 2026, the share of national debt to GDP will be 31%. It is projected that during the period from 2027 to 2029, this indicator will remain at an average level of about 32%, which remains below the established limit of 40% of GDP.
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.
Paleontologists have discovered hundreds of tiny pieces of amber in the autonomous region of Xinjiang Uygur, China. These finds date back to the Middle Devonian period and are estimated to be 385 million years old.
This find surpasses previous records because it belongs to an era that is 65 million years older than previous discoveries and predates the appearance of the first dinosaurs by 150 million years.
The amber fragments, each about one millimeter long, were found in rocks near the border between China and Kazakhstan. Details regarding the presence of air bubbles and additives in some samples have not yet been established.
Analyses have shown that the composition of the ancient resin is very similar to the tree genera of modern conifers. It is possible that these ancient plants began producing protective resin long before previously assumed, which could have played an important role in the subsequent spread of these plants across the Earth.
