Uzbek Population Sells Record Net Foreign Currency to Banks

Tashkent, Uzbekistan (UzDaily.uz) — Net sales of foreign currency by the population of Uzbekistan reached US$9.7 billion in 2025, as commercial bank purchases of foreign currency from individuals exceeded sales by that amount. This figure represents a 44% increase compared to 2024, according to the financial stability review published by the Central Bank.

The shift in the foreign currency behavior of the population occurred against the background of a strengthening national currency. By the end of 2025, the exchange rate of the soum against the US dollar appreciated by 6.9%. Keeping savings in soums became more profitable, prompting citizens to more actively convert accumulated foreign currency. This same trend is visible in the decline of deposit dollarization, which fell from 25% to 21%.

The international reserves of Uzbekistan grew by 61% during 2025 to reach US$66.3 billion. Excluding gold, which accounted for the main part of the growth amid record global prices, the increase stood at 23%.

Reduced pressure on the domestic foreign currency market was reflected in the general financial conditions of the country. The financial conditions index eased, and the financial stress index of the banking system dropped to an historical minimum. The Central Bank named the stability of the money market as one of the primary drivers of this dynamic.

At the same time, the regulator does not consider the foreign currency issue resolved. The early warning indicator map records an expansion of the net open foreign currency position of banks, which increases their sensitivity to exchange rate fluctuations. Furthermore, in a survey on systemic risks, exchange rate volatility ranked second among the concerns of banks, cited by 31% of respondents.