Central Bank: No Foreign Exchange Market Pressure in Uzbekistan

Tashkent, Uzbekistan (UzDaily.uz) — Macroeconomic and financial stability remains firm in Uzbekistan, with no pressure observed on the foreign exchange market in 2026, Central Bank Deputy Chairman Abror Mirzo Olimov announced at the Silk Road Finance & Technology Forum panel discussion in Tashkent.

According to Olimov, declining inflation and lower inflationary expectations are enabling domestic and foreign investors to plan their operations more effectively. Following double-digit inflation during and after the pandemic, the regulator expects inflation to drop to approximately 6.5 percent by the end of 2026, with a target of reaching 5 percent the following year.

Olimov highlighted Uzbekistan’s transition to a fully floating exchange rate—recognized by the International Monetary Fund in 2026—as a key factor enhancing investment appeal. Under this regime, the exchange rate serves as a mechanism to absorb external shocks, providing greater predictability for international investors.

Following a historic appreciation of approximately 7 percent against the US dollar in 2025, the national currency faces no market pressure in 2026, Olimov stated, noting that the currency market has become significantly more stable.

Additionally, following a comprehensive financial sector assessment conducted jointly with the International Monetary Fund and the World Bank in 2025, the Central Bank plans to align banking sector requirements with international practices and Basel III standards, alongside a full transition to International Financial Reporting Standards (IFRS).