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.
