BAKU, Azerbaijan, May 15
By Ilkin Seyfaddini - Trend:
In 1Q2020 Uzbekistan’s economy saw high growth rates, while in April economic activity declined, Trend reports citing the Central Bank of Uzbekistan.
In the period from January through April 2020, the volume of cash turnover made up 105.5 trillion soum ($10.3 billion) - a 41 percent increase compared to the same period last year, the message said.
Cash inflow to cash offices of banks increased by 39 percent to 52.1 trillion soum ($5.1 billion).
In April, the decline in economic activity due to quarantine affected cash inflow - the volume of receipts decreased by 41 percent compared to March (to 7.9 trillion soum - $776.3 million compared to 13.4 trillion soum - $1.3 billion).
The decline was affected by: restrictions on movement of citizens and transportation of passengers (local, air and rail); suspension of enterprises, in particular, retail trade (except food stores and pharmacies), clothing markets and enterprises providing paid services, as well as extension of payment terms of taxes, utilities, loan interest and other payments.
In 1Q2020, cash receipts exceeded demand, as a result of which 209 billion soum ($20.5 million) were returned from circulation. In April, an additional issue of cash for 1.5 billion soum ($147,406) was required.
Since early May, cash receipts began to recover. In particular, if during the first 10 days of April receipts made up 2.4 trillion soum ($235.8 million), then during 10 days of May receipts increased soum to 3.1 trillion soum ($304.6 million).
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