BAKU, Azerbaijan, August 20. Belarus has
proposed increasing the share of bilateral settlements with
Uzbekistan conducted in national currencies as trade and investment
cooperation between the two countries continues to expand.
This was reflected in the post published by the National Bank of
Belarus, citing Chairman Roman Golovchenko’s statement during a
meeting with Nurriddin Mamajonov, Uzbekistan’s Ambassador to
Belarus.
“Given the scale of our economies and the emerging balanced
trade turnover, good conditions are being created for conducting
more settlements in national currencies. This is a task for both
the governments and central banks of the two countries,”
Golovchenko said.
He noted that bilateral trade turnover increased by more than
30% in 2025, while growth continued during the first half of 2026
at roughly the same pace.
“We are on an upward track of trade and economic cooperation.
Trade turnover is demonstrating very significant figures,”
Golovchenko said.
The Belarusian central bank chief said cooperation between the
two countries is expanding beyond trade to include joint projects
and investment.
“We are now talking not only about trade, but also about joint
projects and investment cooperation,” he said.
Golovchenko also highlighted the development of financial and
banking ties between Belarus and Uzbekistan. Belarusian banks
maintain relationships with a large number of Uzbek banks, while
several dozen Loro and Nostro accounts have been opened, he
said.
He noted that the growing balance of bilateral trade is creating
favorable conditions for a wider use of national currencies in
mutual settlements. Uzbek exports to Belarus are increasing,
contributing to a more balanced trade relationship between the two
countries.
According to Golovchenko, expanding settlements in national
currencies will require coordinated efforts by the governments and
central banks of Belarus and Uzbekistan.
“We are ready for this,” he said.
The Belarusian official also praised Uzbekistan’s economic
performance, noting that the country’s GDP is growing at rates
significantly above the global average.
He described Uzbekistan’s investment climate as positive and
attractive and said the country’s macroeconomic performance
provides a strong foundation for deeper economic cooperation.
Furthermore, Golovchenko added that economic growth in both
countries creates opportunities to further expand bilateral
interaction and achieve stronger results.
The meeting comes as Minsk and Tashkent seek to deepen economic
ties through trade, investment, and financial cooperation, while
increasing the use of national currencies could help reduce
reliance on third-country currencies in bilateral transactions.
