US Dollar Falls Below 12,000 Soums in Uzbekistan for First Time Since August 2023

Tashkent, Uzbekistan (UzDaily.com) — The official exchange rate of the US dollar in Uzbekistan has fallen below 12,000 soums, according to the Central Bank.

At the close of trading on Wednesday, the dollar weakened by 34.23 soums, reaching 11,990.53 soums. This is the lowest level since 10 August 2023, when the currency was at 11,667 soums following a sharp increase of 408 soums.

According to commercial banks, on 29 October, the dollar was bought at 11,930–11,990 soums and sold to the public at 12,005–12,060 soums, with the widest range observed at AVO Bank (11,664–12,364 soums).

In October so far, the soum appreciated against the dollar by 0.64% (77.23 soums). Since the beginning of 2025, the national currency has strengthened by 7.2%, or nearly 930 soums, from 12,904.9 to 11,990.53 soums per USD. For comparison, in the same period in 2024, the soum depreciated by 3.6%, and in 2023 by 8.9%.

Over the first nine months of 2025, foreign currency demand in the country rose to USD 42.7 billion (+23.5%), while supply from companies and individuals reached USD 34.4 billion (excluding Central Bank interventions). Key sources of foreign currency were exports, external loans, and remittances. Households sold USD 6.7 billion more to banks than they purchased.

Central Bank Governor Timur Ishmetov noted that the strengthening of the soum has increased confidence in the national currency, reduced dollarization, and lowered external debt servicing costs by 4.9 trillion soums. Only 15% of exports and 40% of imports remain sensitive to exchange rate fluctuations.