The US dollar to soum exchange rate set by the Central Bank fell to its lowest since September 2023, the Central Bank said today.

Reportedly, following the Tuesday's trading, the U.S. dollar fell by 86 soums 10 tiyins to 12,171.03 soums. This is the lowest figure since September 12, 2023 (12,163.53 soums).

Since the beginning of September, the soum has gained value against the US dollar by 2.5%. Since January 1, the national currency has strengthened by 5.7% (by almost 734 soums) – from 12,904.9 to 12,171.03 soums per dollar. By comparison, during the same period in 2024, the soum weakened by 3.3% (-408.52 soums), and in 2023, by 8.6% (-964.55 soums).

Thus, the trend in 2025 differ markedly from previous years: instead of the gradual devaluation as in 2023-2024 and previous years, the Uzbek currency has been steadily strengthening and has reached its highest level against the dollar in 24 months.

The International Monetary Fund previously noted that Uzbekistan had responded positively to the recommendation to allow more flexibility for the soum. Since April, the fluctuations range in the national currency has almost quadrupled: while in January-April the exchange rate fluctuated by an average of 12.2 soums per day, after April 18, it has fluctuated by 47.5 soums.

The Central Bank governor Timur Ishmetov announced that the regulator had changed its exchange rate policies and allowed for greater fluctuations in the soum/dollar pair in order to create more realistic expectations among market participants.

What is contributing to the soum's strengthening?

At a press conference on September 11, Central Bank governor Timur Ishmetov specifically addressed the exchange rate issue, as this topic has been the subject of much discussion recently.

"First of all, I would like to remind you that the national currency to foreign currencies exchange rates are floating and are based on current supply and demand. The Central Bank does not set a target for the exchange rate and does not interfere. Relatively favorable macroeconomic conditions are shaping the current trends in the foreign exchange market," he underscored.

According to him, in 2025, the supply of US dollars into the economy has been significantly higher.

From January to August, exports excluding gold increased by 16.3%, and total exports reached $22.98 billion, recording an increase of 31.3%. Meanwhile, imports increased by only 11.8%, to $28.45 billion. The trade deficit dropped by 31%, from $7.94 billion to $5.47 billion.

The head of the Central Bank pointed to the increase in the inflow of foreign investment and borrowed funds: $8.5 billion in investments were disbursed in the first half of 2025, a 37% increase to the previous year.

Over the first eight months, the country received $12.1 billion in remittances, a 23% increase compared to the previous year. While, the volume of foreign currency sold by banks to individuals decreased significantly, with the difference from the volume of purchases amounting to $5.6 billion.

Furthermore, year-to-date, the US dollar has depreciated globally against other currencies by 9-10%.