Tashkent, Uzbekistan (UzDaily.uz) — Economic reforms implemented over the past decade have strengthened Uzbekistan’s position for further growth, although the economy’s high dependence on exports of metals and mineral resources leaves the country vulnerable to global price fluctuations, according to an analytical article published by OpenMarkets CME Group.
The publication notes that since 2016, Uzbekistan has been steadily moving from a state-controlled and relatively closed economic model toward a more open market-based system.
One of the key areas of reform has been foreign exchange market liberalization.
As a result, Uzbekistan unified the official and unofficial exchange rates of the soum, moved to a floating exchange rate and abolished previously existing currency conversion restrictions.
The changes also ended mandatory requirements for the sale of export proceeds and expanded businesses’ and households’ access to foreign currency.
At the same time, according to an International Monetary Fund study, the reforms were accompanied by a depreciation of the soum of about 50% and a period of double-digit inflation. In 2020, the Central Bank of Uzbekistan was given a mandate to target inflation, with a medium-term target of 5%.
In parallel, Uzbekistan’s authorities introduced measures to integrate the country into the global economy. Restrictions on imports and exports of most goods were abolished, export procedures were simplified and tax incentives for exporters were expanded.
The country also strengthened cooperation with international financial institutions, including the IMF, World Bank and Asian Development Bank, and is working to meet the requirements for accession to the World Trade Organization.
Another area of reform has been reducing the state’s role in the economy and expanding the participation of private capital and foreign investors. This process includes the privatization of state-owned enterprises, improving investor protection and creating better conditions for doing business.
In May 2026, the National Investment Fund of Uzbekistan (UzNIF), which holds minority stakes in 13 major state-owned enterprises, conducted an IPO on
