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

Update date:  26 Mar 2021, 12:02
26 Mar 2021

The main factors that influenced the formation of the balance of payments indicators of the Republic of Uzbekistan in 2020 were changes in the internal and external conditions associated with the ongoing coronacrisis, 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 2020 introduction of quarantine measures in countries sending money transfers to Uzbekistan was not nation wide and formalization of cash brought in by individuals transfers to residents remained at the level of 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 3.1 billion (USD 3.4 billion in 2019). At the same time, the negative trade balance (goods and services) and primary income (USD 8.2 billion) was partially offset by the positive balance of secondary income (USD 5.1 billion).

Negative balance of the financial account amounted to USD 4 billion due to the growth of financial liabilities of residents (USD 11.0 billion), as well as the acquisition of financial assets by residents (USD 7.0 billion).

The net international investment position of the Republic of Uzbekistan as of the end, 2020 equaled USD 20.4 billion. An analysis of the international investment position by sectors of the economy showed that in 2020, the general government and other sectors retain the position of «net creditor», while the banking sector is a «net borrower».

As of January 1, 2021, the total external debt of the Republic of Uzbekistan accounted for USD 33.8 billion, of which USD 21.3 billion - government and government guaranteed external debt, and USD 12.5 billion – non guaranteed external debt.

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