Uzbek Soum Strengthens Against US Dollar

Tashkent, Uzbekistan (UzDaily.uz) — The Uzbek soum strengthened by 0.56% against the US dollar over the past week, recovering part of its earlier losses. As of 23 July 2026, the market exchange rate stood at 11,970 soums per US dollar, according to Alpari analyst Anna Bodrova.

Bodrova said the national currency had weakened by 0.48% against the dollar the previous week, while remaining largely unchanged in the preceding period.

According to the analyst, Uzbekistan's public debt reached US$46.9 billion at the end of 2025, equivalent to about 32% of gross domestic product. Most of the country's obligations are external debt. At the same time, the authorities have gradually increased borrowing in the national currency, with the share of debt denominated in soums more than doubling in recent years.

Bodrova said the trend reflects a shift towards a more balanced public debt management model and lower foreign exchange risks.

The analyst also said strong economic growth is providing additional support for the national currency. Uzbekistan's gross domestic product expanded by 8.5% in the first half of 2026, while the country's full-year economic growth forecast has been raised to above 8%.

According to Bodrova, rising public debt poses potential risks to the external sector, but these are partly offset by rapid economic growth and the gradual de-dollarisation of borrowing. She said the key factor supporting the stability of the soum remains the economy's ability to generate foreign currency earnings and maintain a balanced balance of payments.

Bodrova forecasts that the US dollar is likely to trade in the range of 11,900 to 12,100 soums during the final week of July.