Tashkent, Uzbekistan (UzDaily.com) — As of 24 July 2025, the Uzbek soum has continued its downward trajectory, with the US dollar trading at 12,760 soums. Over the past week, the soum weakened by 0.15%.

The previous weeks saw larger declines — 0.79%, 0.55%, and 0.56% respectively — making the past month particularly challenging for the national currency.

The depreciation is driven by several factors. Firstly, seasonal demand for foreign currency increases during the summer — both from the population (tourism and remittances) and government spending — exerting consistent pressure on the exchange rate. Secondly, the strengthening of the US dollar globally, reflected in the rising DXY index amid the Federal Reserve’s hawkish stance, has dampened investor appetite for emerging market currencies, including the soum.

In addition, a slowdown in foreign currency inflows from exports — primarily gold — coupled with high import activity, is causing temporary imbalances in the market. Despite Uzbekistan's stable macroeconomic fundamentals and adequate reserves, the central bank has refrained from direct intervention, allowing the exchange rate to adjust through market mechanisms.

In the final week of July, the USD/UZS pair is expected to fluctuate within the 12,600–12,850 soums range.

Anna Bodrova, Analyst at Alpari