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Brief overview on publication of Balance of payments, international investment position and external debt of the Republic of Uzbekistan for the first quarter of 2020

Update date:  19 Jun 2020, 18:25
19 Jun 2020

The main factors that influenced the formation of the balance of payments indicators of the Republic of Uzbekistan in the I quarter of 2020 were changes in the internal and external conditions associated with the start of the global pandemic COVID-19, which led to a reduction in foreign trade, a slowdown in global business activity and an increase in financial risks.

In addition, taking into account the fact that in the first quarter of 2020 the introduction of quarantine measures was local in nature, the risk of a negative effect on cross-border money transfers did not materialize and their growth trend continued in relation to the corresponding period of 2019. Also observed positive dynamics in world gold prices partially offset the decline in exports.

Under the influence of the above factors, the current account formed with a deficit of USD 812 million (USD 1.0 billion in the first quarter of 2019). At the same time, the negative trade balance and balance of international services (USD 2.0 billion) was partially offset by the positive balance of primary and secondary income (USD 1.2 billion).

Moreover, the negative balance of the financial account amounted to USD 719 million due to the growth of financial liabilities of residents (USD 1.5 billion), as well as the acquisition of financial assets by residents (USD 794 million).

The net international investment position of the Republic of Uzbekistan as of April 1, 2020 equaled USD 13.8 billion. An analysis of the international investment position by sectors of the economy showed that in the first quarter of 2020, the general government and other sectors retain the position of «net creditor», while the banking sector is a «net borrower».

As of April 1, 2020, the total external debt of the Republic of Uzbekistan accounted for USD 25.1 billion, USD 16.2 billion of which is government sector debt, whereas USD 8.9 billion is private external debt.

 

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USD = 10525.50
-13.03
EUR = 12763.22
-115.92
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-2.22
GBP = 14675.70
-262.67
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-0.54
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+10.03
CNY = 1628.50
-5.53
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