Core Insights - The demand for foreign exchange in Uzbekistan reached $48.4 billion from January to October 2025, marking a 24% year-on-year increase [1] - Foreign exchange supply (excluding central bank operations) was $41.2 billion, up 26% year-on-year, with supply growth slightly outpacing demand [1] Group 1: Foreign Exchange Demand and Supply - Corporate foreign exchange demand increased by 24% year-on-year, while supply grew by 38% [1] - Export revenue from enterprises amounted to $14.5 billion, reflecting an 18% increase, with $8.1 billion sold in the domestic market, up 23% [1] - Commercial banks sold $7.3 billion in foreign exchange generated from overseas loans in the domestic market, a 62% increase year-on-year [1] Group 2: Import Financing and Usage - The structure of import financing sources remained stable, with 64.8% of foreign exchange purchases coming from the domestic market and 23.7% from own foreign currency funds [1] - Of the foreign exchange acquired, 51% was used for importing equipment, raw materials, and production supplies, 27% for repaying foreign currency loans, 17% for consumer goods and pharmaceuticals, 2% for foreign capital remittances, and 3% for other purposes [1] Group 3: Resident Foreign Exchange Transactions - Residents sold $17.4 billion in foreign exchange to banks, a 30% year-on-year increase, while purchases totaled $9.6 billion, up 24% [1] - The foreign exchange supply from residents exceeded demand by $7.8 billion, a 40% increase year-on-year [1] - Remittances from expatriates remained a major source, totaling $15.8 billion, a 25% increase, while international outflows decreased by $14.7 million to $2.2 billion [1] Group 4: Currency Valuation - The Uzbek sum appreciated by 7% from January to October 2025, influenced by increased export revenues, overseas loans, remittances, and foreign capital inflows [1]