The Uzbek Soum Shows Strong Performance

Tashkent, Uzbekistan (UzDaily.com) — As of 4 September 2025, the Uzbek soum has strengthened against the US dollar. One US dollar is now equivalent to 12,360 soums. Over the past week, the soum appreciated by 0.32%, following a 0.40% gain the previous week.

For the period of January–July 2025, Uzbekistan’s economy demonstrated strong results. According to IMF data, the country’s GDP is expected to surpass $130 billion this year, with $115 billion already achieved by the end of summer. Growth rates have reached record levels over the past eight years and have been recognized internationally.

The acceleration has been driven by large-scale reforms and investment inflows: over the past eight years, $230 billion has been mobilized, more than half of which came from foreign investors. Funds have been directed toward infrastructure and key industries. The construction sector has become particularly significant, with the private sector performing over 97% of the work. The number of construction companies has exceeded 30,000, and the volume of construction in 2024 reached $23 billion—four times higher than in 2016.

Alongside economic growth, attention to social development has increased: spending on social infrastructure has risen sixfold, more than 500,000 housing units have been built, and education and healthcare capacities have expanded. As a result, Uzbekistan has strengthened its positions in industry, agriculture, pharmaceuticals, textiles, and engineering, emerging as one of the region’s most dynamic economies despite its challenging landlocked geography.

This economic strength supports the soum. The USD/UZS rate is expected to remain in the range of 12,300–12,600 soums throughout September.

Anna Bodrova, Alpari Analyst