Uzbek Soum Strengthens Further Against US Dollar

Tashkent, Uzbekistan (UzDaily.uz) — The Uzbek soum strengthened further against the US dollar as of 20 August 2026, with the dollar trading at 11,785 soums. This means the soum has appreciated by another 1.21% over the week since the previous review, according to Alpari analyst Anna Bodrova.

A week earlier, the soum had weakened by 0.39%, while before that it had gained about 1%. As a result, August has been uneven for Uzbekistan’s national currency, although the soum has managed to strengthen overall.

In 2026, Uzbekistan’s economy is maintaining high growth rates, while inflation is gradually moving closer to the Central Bank’s target.

The regulator has kept its policy rate at 14%, maintaining the attractiveness of savings in the national currency.

Large international reserves, largely backed by gold, also provide support for the soum.

At the same time, the exchange rate depends not only on domestic conditions. The Federal Reserve’s tight monetary policy is supporting the dollar globally, while remittances, export earnings and the trade balance are important factors for the soum. Another risk factor is the pause in gold exports, which reduces foreign currency inflows and makes the soum more dependent on other external sources of foreign exchange.

Therefore, when it comes to savings, the choice between the soum and the dollar currently depends largely on the purpose of the savings. High interest rates give soum-denominated instruments an advantage in terms of current returns, while the dollar can help reduce currency risk over a longer horizon.

If the Central Bank maintains its tight monetary policy and external inflows remain stable, there are currently few grounds for a sharp weakening of the soum, although moderate exchange-rate fluctuations will remain a normal part of the market.

The dollar/soum pair is expected to trade within a range of 11,600 to 12,000 soums over the next week of August.

Anna Bodrova,
Alpari analyst