TASHKENT, Uzbekistan, September 12. Since the beginning of 2025, Uzbekistan’s national currency, the som, has appreciated by approximately 3–4 percent.
The data obtained by Trend from the country's Central Bank indicates that this upward trend has been supported by several key factors.
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From January to July, non-gold exports surged nearly 20 percent, with total exports reaching $20.4 billion, a remarkable 37 percent increase year-on-year;
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Foreign investment and debt inflows rose sharply, with Uzbekistan attracting $8.5 billion in the first half of the year, up 37 percent compared to the same period in 2024;
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From January to August, remittances totaled $12.1 billion, marking a 23 percent increase over last year’s figures.
Additionally, the US dollar weakened by 9–10 percent against other major currencies since the start of the year.
Ongoing enhancements in domestic foreign exchange market infrastructure, combined with the active role of market makers and broad participation, have strengthened the som’s flexibility, allowing the exchange rate to better absorb external shocks and uncertainties.
Greater exchange rate flexibility has several positive effects:
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Reducing expectations of continuous currency depreciation;
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Encouraging businesses to hedge against foreign exchange risks;
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Lowering dollarization within the economy;
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Enhancing the effectiveness of monetary policy transmission.
Despite the nominal appreciation of the som, the real effective exchange rate has declined by around 4 percent since the start of the year, reflecting relatively high domestic inflation and the strengthening of key trading partners’ currencies.
Considering current economic trends and the outlook of major trading partners, the Central Bank of Uzbekistan anticipates no significant pressure on the som’s real exchange rate in the coming months.
