Uzbekistani Soum Strengthens Nearly 7% Against US Dollar in 2025

Tashkent, Uzbekistan (UzDaily.com) — As of 25 December 2025, the Uzbekistani soum continued a moderate appreciation, with the US dollar trading at 12,062 soums.

Over the past week, the soum declined by 0.43% against the dollar. In the previous week, the rate remained nearly unchanged, while earlier it decreased by 0.90% and 0.35%, respectively. For 2025 as a whole, the soum strengthened by 6.93% against the US dollar.

This growth was largely driven by a combination of external and domestic factors. A key contributor was the sharp rise in global gold prices, with gold remaining one of Uzbekistan’s main export commodities. Higher gold revenues significantly increased the supply of foreign currency in the domestic market and improved the current account balance.

Additional support for the soum came from stable remittance inflows, rising export earnings, and periods of broad US dollar weakness in global markets.

Domestic factors were also important. Slower inflation and lower inflation expectations boosted confidence in the national currency among households and businesses, reflected in increased soum-denominated deposits and accelerated dedollarization.

The Central Bank’s policy of allowing the exchange rate to form in the market without strict reference points helped smooth volatility and avoid distortions. As a result, the soum’s strengthening in 2025 was driven by fundamentals rather than speculation, supported by export revenues, financial stability, and gradual shifts in currency preferences within the economy.

Through the end of December, the USD/UZS exchange rate is expected to remain within 11,950–12,150 soums.

Anna Bodrova, Alpari Analyst