Why is this important
The exchange rate of the national currency influences inflation, imported goods prices, and the overall financial stability of the economy. The strengthening of the sum reduces pressure on the domestic market and decreases currency risks for businesses and the population. The stable dynamics of the exchange rate is also an indicator of the balance of supply and demand for foreign currency.
What happened
- In January-November 2025, the soum stabilized against the dollar in the domestic foreign exchange market of Uzbekistan and entered a phase of strengthening.
- Since the beginning of 2025, the exchange rate of the national currency has strengthened by 7.5%.
- An increase in both the demand and supply of foreign currency was recorded in the domestic foreign exchange market.
- The growth of foreign currency supply surpassed demand dynamics, which contributed to the stabilization and strengthening of the soum.
Numbers and facts
- In 11 months of 2025, demand for foreign currency increased by 24% compared to the same period last year.
- The supply of foreign currency for the same period increased by 26%.
- Demand for foreign currency from legal entities increased by 24%, and supply from legal entities — by 35%.
- Export revenue (excluding gold) in January-November 2025 amounted to $16.0 billion.
- Of this amount, $8.9 billion was sold on the domestic foreign exchange market.
Context
- The growth of export revenue has become an additional source of foreign currency inflow into the domestic market.
- Significant sales volumes of export currency earnings maintained supply and demand balance.
- The observed dynamics reflect the change in the situation in the domestic foreign exchange market during 2025.
