The main factors that influenced the formation of the balance of payments indicators of the Republic of Uzbekistan for I quarter of 2022 were increasing economic activity in internal and external markets, increase in external trade turnover and inflow of money transfers, geopolitical instability in the world and other factors.
Under the influence of the above factors, the current account formed with a deficit of USD 843.7 million (USD 2.1 billion for I quarter of 2021). At the same time, the negative trade (goods and services) balance (USD 2.1 billion) was partially offset by the positive balance of primary income and secondary income (USD 1.3 billion).
Negative balance of the financial account for I quarter of 2022 accounted for USD 1.1 billion (USD 2.1 billion for I quarter of 2021). Growth of negative balance in financial account is due to decrease of financial assets of residents by USD 427.9 million and growth of their liabilities by USD 638.2 million. Reduction in financial account deficit is mainly due to increase of FX reserves and decrease in liabilities of loans and borrowings.
Net foreign direct investment to Republic of Uzbekistan increased by USD 298.8 million (USD 251.1 million for I quarter of 2021). Net investments in capital (excluding operations of enterprises operating on the basis of product sharing agreements), amounted to USD 131.1 million, in the form of debt instruments from parent companies to USD 291.0 million. A net decrease of investments on the basis of production sharing agreements amounted to USD 178.5 million.
Net increase in liabilities of portfolio investments amounted to USD 6.4 million during I quarter of 2022. This increase is due to interest accrued but not paid during the quarter on international bonds issued by the government of the Republic of Uzbekistan, commercial banks and other enterprises.
The net international investment position of the Republic of Uzbekistan remained almost the same compared to the beginning of this year and as for 1st April accounted
USD 17.0 billion. The total volume of the assets in foreign currency and external liabilities of the Republic of Uzbekistan amounted to USD 69.9 billion and 52.9 billion respectively.
As of April 1, 2022, the total external debt of the Republic of Uzbekistan decreased by 1.8% (USD 721.5 million) and accounted for USD 38.8 billion (USD 39.6 billion as of January 1, 2022), of which USD 23.4 billion - government and government guaranteed external debt (decreased by USD 345.4 million or 1.5% relative to the beginning of the year) and USD 15.5 billion – non guaranteed external debt (decreased by USD 376.0 million or 2% compared to the beginning of the year).
