The Central Bank set a new exchange rate for foreign currencies to the Uzbek soum for January 11. At the end of trading, the US dollar to soum rate increased by 20.99 soums to a historical maximum of 12,418.03.
On Wednesday, commercial banks bought US dollars at the 12,335-12,390 soums range and sold between 12,420 to 12,480 soums.
In 2022, the soum depreciated by 3.94%, and in 2023 - by 9.7%. There was a sharp hike on August 10, when the soum lost 408 soums at once - from 11,667 to 12,075 soums.
On August 22, the rate surapassed 12,100 soums, on September 25 - 12,200 soums, on November 24 - 12,300 soums, and after that the dollar was below 12,400 soums for just over a month and a half.
The devaluation occurs against the backdrop of declining foreign exchange earnings from exports. over the 11 months of 2023, Uzbekistan’s international trade reached almost $57.3 billion (+26.2%), with a trade deficit of almost $11 billion (excluding gold exports - $19 billion).
