Uzbek Soum Continues to Strengthen, but Pace Slows

Tashkent, Uzbekistan (UzDaily.com) — As of 6 November 2025, the Uzbek soum has strengthened, though not as sharply as in previous weeks.

The US dollar fell to 11,950 soums. Over the past week, the soum appreciated by 0.25%. In the previous week, it had strengthened by 1%, and prior to that by 0.8%. Over the first ten months of 2025, the soum gained 7.6% against the US dollar.

By the end of October, the strengthening of the Uzbek currency delivered tangible macroeconomic effects. According to the Central Bank, the depreciation of the dollar reduced external debt servicing costs by nearly 5 trillion soums, of which 1.3 trillion soums accounted for public debt and 3.6 trillion soums for the corporate sector.

The national currency is supported by growing confidence in the financial system: the money supply in soums rose 34% year-on-year, inflation expectations fell from 15% to 12%, and dollarization decreased to 23% for deposits and 37% for loans. This is accompanied by increased domestic savings and reduced price sensitivity to the exchange rate.

The main drivers of the soum’s appreciation remain external — record-high gold prices, stable remittance inflows, and foreign direct investment. However, the high share of gold in exports (about 38%) makes the exchange rate sensitive to global market fluctuations. If current trends persist, the soum is expected to maintain its position through the end of the year, but without export diversification, its stability will remain relative.

For the upcoming week, the USD/soum pair is expected to fluctuate within the range of 11,900–12,200 soums.

Anna Bodrova, Alpari Analyst