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The Balance of Payments of The Republic of Uzbekistan and Its Current State Analysis
Corresponding Author(s) : Tajibayeva Kizlargul Ajiniyazovna
American Journal of Economics and Business Management,
Vol. 8 No. 3 (2025): March
Abstract
The balance of payments is a critical macroeconomic instrument that reflects a country's financial interactions with the rest of the world. This study focuses on the structure and current state of the Republic of Uzbekistan’s balance of payments, providing a detailed assessment of its core components and recent trends. The analysis covers the current account—including trade in goods and services, primary income, and secondary income—as well as the capital and financial accounts. Recent shifts in global trade and regional integration have influenced Uzbekistan’s external economic indicators, particularly in terms of trade balance, investment inflows, and remittance dynamics. The research identifies the persistent trade deficit, mitigated in part by strong secondary income from labor migrants abroad, as a key structural feature of the country’s external position. In addition, the study explores the effectiveness of monetary and fiscal policy in stabilizing external accounts during ongoing economic reforms and liberalization. The analysis provides insight into how institutional changes and diversification efforts are shaping the evolution of Uzbekistan’s international economic relations. Overall, the paper highlights the importance of structural modernization and balanced foreign trade strategies to strengthen the sustainability of the national economy and ensure long-term external stability.
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- . N. N. Bondarenko, Balance of Payments: Textbook. Minsk: GIUST BGU, 2016. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=BMloBm0AAAAJ
- . N. Butsenko and V. S. Selyunina, “Analysis of the country’s balance of payments: approaches, stages, indicators,” Economics and Business: Theory and Practice, no. 7, pp. 14–19, 2016.
- . V. V. Ivanov and B. I. Sokolov, Eds., Money. Credit. Banks: Textbook, 2nd ed. Moscow: TK Velbi, Izdatel’stvo Prospekt, 2006.
- . V. Bozhechkova and P. V. Trunin, “Balance of payments in the third quarter of 2019: a decrease in the trade balance,” Economic Development of Russia, vol. 11, no. 11, pp. 19–22, 2019.
- . Central Bank of the Republic of Uzbekistan, “Statistical tables on the balance of payments and international investment position,” [Online]. Available: http://www.cbu.uz/
- . M. V. Ogur, “Stages and approaches to the analysis of the balance of payments,” Open Innovation, pp. 56–59, 2019. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=0MtvSIsAAAAJ
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- . N. S. Ayyubova, “Econometric analysis and modeling of the dynamics of the balance of payments development in Azerbaijan,” Statistics and Economics, vol. 19, no. 2, pp. 14–22, 2022. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=WgBwIO8AAAAJ
- . K. A. Maruseva, “Balance of payments of the Republic of Belarus: features of formation and regulation,” BNTU, 2017. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=p3qX8-gAAAAJ
- . S. S. Polonik, “Financial stability and balance of payments,” BNTU. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=LsTGT0gAAAAJ
- . E. V. Chernookaya, “Reflection of the results of foreign economic activity in the balance of payments of the Republic of Belarus,” Modern Aspects of Economics, pp. 123–132, 2020. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=eJTw7SAAAAAJ
- . N. E. Pekarskaya, “Balance of payments: curriculum of an educational institution in the academic discipline for the specialty 6-05-0411-01 ‘Accounting, analysis and audit’,” Belarusian State Economic University, 2017. [Online]. Available: https://scholar.google.com/citations?hl=en&user=-Z_dUIoAAAAJ
- . V. V. Yurik, “International economics and balance of payments,” Belarusian State University. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=HgH3rtEAAAAJ
- . Wikipedia contributors, “Balance of Payments,” Wikipedia, The Free Encyclopedia, [Online]. Available: https://ru.wikipedia.org/wiki/Platëzhnyy_balans
References
. N. N. Bondarenko, Balance of Payments: Textbook. Minsk: GIUST BGU, 2016. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=BMloBm0AAAAJ
. N. Butsenko and V. S. Selyunina, “Analysis of the country’s balance of payments: approaches, stages, indicators,” Economics and Business: Theory and Practice, no. 7, pp. 14–19, 2016.
. V. V. Ivanov and B. I. Sokolov, Eds., Money. Credit. Banks: Textbook, 2nd ed. Moscow: TK Velbi, Izdatel’stvo Prospekt, 2006.
. V. Bozhechkova and P. V. Trunin, “Balance of payments in the third quarter of 2019: a decrease in the trade balance,” Economic Development of Russia, vol. 11, no. 11, pp. 19–22, 2019.
. Central Bank of the Republic of Uzbekistan, “Statistical tables on the balance of payments and international investment position,” [Online]. Available: http://www.cbu.uz/
. M. V. Ogur, “Stages and approaches to the analysis of the balance of payments,” Open Innovation, pp. 56–59, 2019. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=0MtvSIsAAAAJ
. N. M. Akimova, “Balance of payments - an indicator of the equilibrium of economic policy,” Economics, pp. 78–83, 2013. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=slvGR7sAAAAJ
. O. I. Motorina, “The state of the Belarusian economy through the prism of the balance of payments,” Banking Bulletin, pp. 28–34, 2015. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=9d7Nk60AAAAJ
. N. S. Ayyubova, “Econometric analysis and modeling of the dynamics of the balance of payments development in Azerbaijan,” Statistics and Economics, vol. 19, no. 2, pp. 14–22, 2022. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=WgBwIO8AAAAJ
. K. A. Maruseva, “Balance of payments of the Republic of Belarus: features of formation and regulation,” BNTU, 2017. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=p3qX8-gAAAAJ
. S. S. Polonik, “Financial stability and balance of payments,” BNTU. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=LsTGT0gAAAAJ
. E. V. Chernookaya, “Reflection of the results of foreign economic activity in the balance of payments of the Republic of Belarus,” Modern Aspects of Economics, pp. 123–132, 2020. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=eJTw7SAAAAAJ
. N. E. Pekarskaya, “Balance of payments: curriculum of an educational institution in the academic discipline for the specialty 6-05-0411-01 ‘Accounting, analysis and audit’,” Belarusian State Economic University, 2017. [Online]. Available: https://scholar.google.com/citations?hl=en&user=-Z_dUIoAAAAJ
. V. V. Yurik, “International economics and balance of payments,” Belarusian State University. [Online]. Available: https://scholar.google.com/citations?hl=ru&user=HgH3rtEAAAAJ
. Wikipedia contributors, “Balance of Payments,” Wikipedia, The Free Encyclopedia, [Online]. Available: https://ru.wikipedia.org/wiki/Platëzhnyy_balans