The shift to cashless transactions for real estate and car sales in Uzbekistan is expected to positively impact the economy and banking system, particularly by lowering credit interest rates. Deputy Minister of Economy and Finance Ahadbek Haydarov stated this during a media dialogue organized by the Central Bank on March 27. He highlighted that currently, 99% of operations in this sector are conducted in cash, which limits efforts to reduce the shadow economy's share.

According to Deputy Minister of Justice Muzraf Ikramov, around 5.4 million notarial acts are performed annually in the country, with 320,000 related to real estate and 650,000 to car sales. Haydarov provided estimates of potential funds flowing into banks: if 100 cars are sold daily, banks could receive 20 billion soums, and with 1,000 cars, 200 billion soums, potentially totaling 60-100 trillion soums per year.

The deputy minister emphasized that this move will intensify competition among banks, as they vie to attract clients and capture market share, leading to cheaper credit resources. He added that if 20 billion soums remain in bank accounts daily, these funds, when lent out, could support economic development for the population and entrepreneurs.

It is noted that starting April 1, 2026, payments for transactions involving real estate and vehicles must be made only through bank cards or electronic payment systems, with escrow accounts to be introduced. The Central Bank has set maximum commission rates for these services and outlined procedures for refunding buyers in case of canceled deals.

Source: www.gazeta.uz