TASHKENT, Uzbekistan, November 3. The Central Bank of Uzbekistan has released preliminary figures concerning the current account of the balance of payments from January through September of 2023, Trend reports.
Thus, Uzbekistan’s current account displayed a deficit of $4.4 billion during the first 9 months of 2023.
According to the bank, this imbalance was principally caused by a negative trade balance of $11.7 billion in commodities and services. However, this was partially offset by a $7.3 billion surplus in secondary income.
Uzbekistan boosted gas imports seven times earlier this year, bringing the budget deficit rate to 5.7 percent, despite budget law requiring it not to exceed 3 percent. Following an increase in natural gas imports, consolidated budget expenditures surpassed receipts by 27 trillion Uzbek soums ($2.3 billion) in the first half of 2023, resulting in a budget deficit that was mostly covered by funds and borrowings from the previous year.
This huge rise in natural gas imports was linked to the unusual cold witnessed throughout Uzbekistan in January 2023, as well as the government's steps to mitigate its repercussions.