40% of Uzbekistan's population lacks savings

By the end of 2024, approximately 40% of Uzbekistan’s population did not have personal savings, according to the Central Bank of Uzbekistan surveys. This figure represents an increase from less than 35% at the end of 2023 and is the highest since the 2020 pandemic.

The rise in individuals without savings coincides with a decrease in those holding short-term reserves, specifically savings covering one to six months. Conversely, there has been an increase in residents possessing savings sufficient for more than six months, indicating growth among larger depositors.

In the first half of 2024, Uzbekistan’s banking system maintained financial stability, with a capital adequacy ratio of 17.3% and a Tier 1 ratio of 14.2%, both exceeding minimum regulatory requirements.

Despite these positive indicators, the uneven distribution of savings suggests that while a segment of the population is enhancing their financial security, a significant portion remains without adequate reserves.