Uzbekistani Soum Remains Stable

Tashkent, Uzbekistan (UzDaily.com) — As of 15 January 2026, the Uzbekistani soum remained virtually unchanged against the US dollar.

The US dollar is quoted at 11,990 soums, reflecting a minor weekly decline of 0.08%. In the previous reporting period, the soum had risen by a total of 0.68% over the last week of December and early January.

Overall, the soum shows a stable trend: over 2025, its exchange rate appreciated by 7% against the US dollar. Uzbekistan’s economy accelerated in 2025, with GDP growth reaching 7.6% in the first nine months and expected to exceed 7% by year-end.

Inflation slowed to 7.5%, the lowest level in several years and below previous forecasts by the Central Bank. A key macroeconomic factor supporting this stability was the strengthening of the soum.

This was made possible by record increases in gold prices, rising exports—particularly of gold and tourism services—remittances from migrant workers, and a weakening of the US dollar in global markets.

The stronger soum helped contain inflation and reduce borrowers’ debt burdens, but it also weakened the position of exporters and some domestic producers.

However, the qualitative progress remains limited. Economic growth is largely supported by state investment, preferential lending, and raw material exports, while structural reforms in energy, agriculture, privatization, and administration continue to lag.

In 2026, growth is expected to continue, though with elevated risks: dependence on gold, a strong soum, and unresolved structural issues may constrain competitiveness and investment.

Next week, the USD/UZS exchange rate is expected to remain in the range of 11,900–12,100 soums.

Anna Bodrova,
Alpari Analyst