Why is this important
The rise in the exchange rate increases pressure on import prices and domestic inflation. A decrease in the yuan could partially mitigate the price increase for Chinese goods.
What happened
- Dollar: 12,149.55 soums (+8.64)
- Euro: 14,087.40 soums (+ 34.30)
- Pound: 16,203.85 soums (+66.15)
- Ruble: 150.44 soums (+1.03)
- Yen: 79.83 soums (+ 0.37)
- Tenge: 22.60 soums (+ 0.04)
- Yuan: 1,703.55 soums (− 0.56)
Context
Currency fluctuations occur against the backdrop of the market mechanism of exchange rate formation and the overall devaluation of the sum. The yuan has been depreciating against the dollar in the global market since September, which has also affected the sum. Uzbekistan imports a significant amount of products from China, including machinery and construction materials.
