TASHKENT, Uzbekistan, September 9. The exchange rate of the Uzbek soum increased by about 17 percent against the US dollar in the last few days, Trend reports.
The exchange rate of the Uzbek national currency has decreased by more than 6 percent, or 600 soums (5 cents), to the US dollar since June 2023. Currently, the dollar exchange rate in banks reaches a new high of 12,200 soums ($1).
The expansion of imported goods partially accounts for the decrease, as Uzbekistan’s imports from January through July 2023 grew by more than 18 percent compared to the same period last year and exceeded $20 billion. Thus, the difference between volumes of exports and imports amounted to $5.06 billion, decreasing by almost $500 million.
Earlier this month, Fitch Ratings, the international rating agency, predicted stabilization of the budget deficit in Uzbekistan in the next two years. The agency noted a decrease in fiscal discipline amid an increase in social spending and a reduction in VAT.
