Uzbek Soum Weakens to 12,050 Against US Dollar

Tashkent, Uzbekistan (UzDaily.com) — As of 8 May 2026, the Uzbek soum weakened to 12,050 against the U.S. dollar. Over the past week, Uzbekistan’s national currency depreciated by 0.67% against the dollar.

The movement of the soum against the U.S. dollar followed mixed dynamics in previous weeks. A week earlier, the Uzbek currency had strengthened by 0.25%, while in the preceding week it appreciated by 1%. The foreign exchange market is therefore showing short-term volatility without a sustained trend.

At its April 29 meeting, the Central Bank of Uzbekistan kept its key interest rate unchanged at 14% per annum. The decision was made amid slowing inflation, which eased to 7.1% in March. At the same time, the regulator noted that inflation expectations remain elevated.

According to the Central Bank’s forecast, annual inflation in Uzbekistan is expected to reach around 6.5% by the end of 2026. The regulator said it is prepared to maintain tight monetary conditions if necessary. Such a policy affects the soum exchange rate by restraining domestic demand and supporting the attractiveness of savings in the national currency.

Another factor supporting macroeconomic stability was economic growth. Uzbekistan’s GDP expanded by 8.7% in the first quarter of 2026, strengthening the fundamental conditions for medium-term stability of the soum against the U.S. dollar.

According to the presented assessment of foreign exchange market dynamics, the dollar/soum pair may remain in the range of 11,960–12,120 soums in the coming week. These levels reflect expected short-term volatility under the current macroeconomic conditions and monetary policy stance.

Anna Bodrova, analyst at Alpari.