Why is this important
The strengthening of the soum reduces the cost of imports, which can ease pressure on consumer prices. For importers, the exchange rate reduces costs, but can reduce exporters’ revenues in sum equivalent. Investors and businesses receive a signal about stability in the foreign exchange market, which can improve forecasts and plans for long-term contracts.
Key facts
The Central Bank’s official dollar rate for September 16th was set at 12,344.61 soums, an 82.22 soums decrease compared to the previous day. This is the second lowest exchange rate for 2025, and the lowest since August 26.
Commercial banks are selling the dollar at 12,425 to 12,485 soums, with the lowest price recorded at Poytaxtbank at 12,420 soums. The purchase of dollars is carried out at 12,285-12,320 soums, depending on the bank.
Since the beginning of the year, the soum has strengthened against the dollar by 438 soums, or almost 3.4%. In August alone, the national currency increased by 109.32 soums, showing notable strengthening after volatility at the beginning of the year.
What they say
- The Central Bank and analytical media indicate that the decrease in the exchange rate is due to a decrease in demand for dollars with a sufficient supply of foreign currency.
- External factors are also noted: growth in cross-border transfers, increased interest in gold, and global dollar instability.
Context
On August 26, the official exchange rate reached its lowest values in a year and a half, after which the dollar began to rise. The IMF previously recommended that Uzbekistan increase exchange rate flexibility to better withstand external shocks.
The average exchange rate for September, according to external sources, is around 12,420-12,500 soums, depending on the bank and the terms of the transaction.
