Dollar drops, Uzbek soum strengthens

What’s happening with the dollar? The US dollar is expected to fall for the third straight day. If that happens, it would amount to a total drop of 170 soums — or 1.3%. According to Bankir telegram channel, the official exchange rate is set to reach 12,770 UZS — the lowest since October 2024.

Yes, you're right — the Uzbek soum is strengthening against the US dollar in 2025.

Bankir’s analysis attributes this to several factors:

- The Dollar Index is at its lowest in years globally, signaling dollar devaluation worldwide — benefiting the soum.

- Remittances increased by 32% in Q1, reaching $3.3 billion, which strengthens foreign reserves.

- One of the drivers of this growth is the ruble strengthening against the dollar, also tied to the dollar's global decline.

- Foreign direct investment rose 53% in 2024, hitting $11.9 billion.

- Other contributing factors include: rising gold prices, record-high reserves, and imports growing more slowly than exports.

Conclusion: the soum’s rise is driven by both domestic and global economic shifts, reports Bankir telegram channel. Read 'Zamin' on Telegram!