Belarus urges Uzbekistan to expand soum-ruble settlements

Tashkent, Uzbekistan (UzDaily.uz) — Belarus’s National Bank has proposed increasing the share of mutual settlements with Uzbekistan in the two countries’ national currencies instead of third-country currencies, particularly the US dollar. National Bank Chairman Roman Golovchenko made the proposal at a meeting with Uzbekistan’s Ambassador to Belarus Nurriddin Mamajonov, BelTA reported.

According to Golovchenko, a significant share of settlements between the two countries is currently conducted in third-country currencies. He said growing trade and balanced trade turnover create conditions for wider use of national currencies.

“I would like to express the wish that a larger share of our settlements be carried out in national currencies. Especially since all the conditions for this exist,” the head of Belarus’s National Bank said.

He noted that expanding the use of national currencies would require joint efforts by the governments and central banks of the two countries.

Golovchenko also pointed to positive dynamics in economic relations between Belarus and Uzbekistan. According to him, bilateral trade increased by more than 30% in 2025, while the growth trend continued in the first half of 2026.

Cooperation between the two countries extends beyond trade. As the National Bank chairman noted, Belarus and Uzbekistan are developing joint projects and investment cooperation.

Uzbekistan’s Ambassador Nurriddin Mamajonov said the two countries have a high level of mutual trust. According to him, one of the tasks assigned to him is to increase bilateral trade turnover to US$2 billion and expand industrial cooperation between Uzbek and Belarusian businesses.

“There are all the necessary conditions for this,” the diplomat said.