Uzbek Soum Gains More Than 1% Since Late July

Tashkent, Uzbekistan (UzDaily.uz) — The Uzbek soum strengthened to 11,881 per U.S. dollar as of 6 August 2026, gaining 1.04% since the previous review. The currency weakened by 0.69% against the dollar in July, while its exchange rate has remained virtually unchanged since the beginning of the year, according to Alpari analyst Anna Bodrova.

Bodrova said one of the key factors affecting the foreign exchange market was the absence of gold exports in June 2026. As a result, gold exports for the first half of the year remained at US$1.5 billion, unchanged from the January-May level. Compared with the same period last year, gold exports declined by nearly 77%, while their share of total exports fell from 37% to less than 10%.

According to the analyst, the decline in gold exports has increased pressure on the country's foreign currency inflows despite a 7.4% year-on-year increase in foreign trade. Under these conditions, the soum has become more dependent on other sources of foreign currency earnings and more sensitive to changes in the external environment.

Bodrova said the national currency has also been supported by continued tight monetary conditions. The Central Bank's base rate remains at 14%, supporting the attractiveness of assets denominated in the national currency and encouraging domestic savings. At the same time, continued economic growth has sustained domestic demand, partly offsetting lower export revenues.

However, the analyst pointed to continuing risks for the soum. These include dependence on portfolio investment and external financing amid lower foreign currency earnings, the potential for stronger imported inflation due to higher energy and logistics costs, and the possibility of tighter global financial conditions.

Bodrova forecasts that the U.S. dollar/Uzbek soum exchange rate will trade in the range of 11,800 to 12,050 soums per dollar during the coming week of August.