In January-June of this year, the supply of foreign currency excluding Central Bank operations increased by 31% compared to the same period last year, reaching $27.8 billion, according to a Central Bank review.

Meanwhile, total demand for foreign currency rose by 20% to about $32 billion, meaning supply growth outpaced market demand.

The increase in supply was driven by higher export revenues, currency sales by enterprises and the population, as well as inflows of international money transfers.

Specifically, individuals sold $12.3 billion worth of foreign currency to commercial banks over six months, while purchasing $6.8 billion. The volume of foreign currency sold by the population exceeded purchases by $5.5 billion.

Additionally, $9.3 billion was received in Uzbekistan via international money transfer systems, while $1.3 billion was sent abroad. Net inflows of transfers reached $8 billion.

According to the Central Bank, the growth in foreign currency inflows contributed to maintaining relative stability of the exchange rate in the first half of the year.

Source: uznews.uz