Tuesday, 28, November, 2023

Uzbek soum suffered its worst one-week fall on Friday since the authorities devaluated currency in September 2017. The soum fell by 3 percentage points against the dollar, to as low as 8,882 UZS, breaking a period of relative calm in Uzbek emerging markets so far this year.

According the Central Bank, the downfall was sparked by Chinese auhtorities devaluing yuan and an ever increasing demand for US dollar.

The regulator added it will be heading to a wider corridor of daily fluctuations during currency interventions and added the soum is likely to drop more and then return to the fundamental trend.

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