Strengthening of the Uzbek sum: dollar decline and history of economic records

In recent months, Uzbekistan’s national currency — the sum — has steadily appreciated against the US dollar, reaching a new milestone in the country’s economic history. The Central Bank, starting from June 23, introduced new exchange rates against foreign currencies, and the dollar rate hit a 15-month minimum, dropping below 12,500 sums. This became one of the lowest figures recorded in the past year.

Since the beginning of the year, the sum’s strengthening by nearly 3.2% against the dollar has become a clear confirmation of positive changes in the national economy. Below, we thoroughly analyze the factors that influenced the sum’s strengthening.

Global dollar decline and geopolitical factors

Firstly, international trends have had a serious impact on the strengthening of the sum. Over the past year, the US dollar index fell by 6.8%. This was mainly due to the weakening of political stability in the US, Trump’s successes in the presidential race, and the introduction of new tariffs. Investors have reconsidered their forecasts and expectations for the US economy, increasing a sense of uncertainty in global financial markets. As a result, the dollar itself depreciated against many currencies, creating favorable conditions for the sum.

Economic stability and increasing gold export volumes

The second important factor is the steady growth and activity in Uzbekistan’s economy and international market. In particular, new records were set in the country’s gold sector. In the first 4 months of 2025, Uzbekistan exported 26 tons of pure gold, thereby strengthening its leading position in the Central Asian region. The global increase in precious metal prices, especially gold by 28%, had a positive effect on the volume of national reserves and currency stability.

In addition, the main part of the country’s international reserves comes from gold. This year, Uzbekistan’s total reserves increased by $8.48 billion, reaching $49.66 billion. This was recorded as one of the highest indicators in the country’s history. The growth in reserves gives the Central Bank broad opportunities to participate actively in the currency market and stabilize it when needed.

Export volumes and stability in foreign trade

The third major factor is that the country’s foreign trade and export potential have significantly increased. In the first four months of 2025, export volume reached $12 billion, which is 35% higher compared to the same period last year. Gold exports rose by 62%, reaching $5.6 billion. The foreign trade deficit decreased to $846 million, and in some months, a trade surplus was observed. This, in turn, increases demand for the sum and creates a foundation for strengthening the national currency.

External factors and international money transfers

As a fourth factor, the strengthening of the currencies of the main economic partners — countries such as Russia and Kazakhstan — led to an increase in the volume of money transfers from abroad to Uzbekistan. Since the beginning of 2025, the Russian ruble has strengthened by 23% against the dollar, which ensured that Uzbek migrant workers sent more money home. For example, in the first quarter of this year, money transfers reached $3.3 billion, which is 32% more than in the same period last year.

International credit rating and investor confidence

Leading international rating agencies such as S&P and Moody’s changed Uzbekistan’s credit rating outlook from “stable” to “positive.” This further increased trust in the country’s economy and created a favorable environment for investors. This situation strengthened positive sentiment in the currency market and became a strong support for the value of the sum.

Stability of the national currency — the result of economic reforms

The strengthening of the sum in recent months is a practical result of the economic reforms being implemented in the country and the competent management of the situation in the international market. The government’s strategy of diversifying foreign trade and exports, encouraging reserves, and improving the investment environment is bearing fruit.

Such stability and growth trends create a strong foundation for the future of Uzbekistan’s economy and, without a doubt, will further enhance the prestige of the national currency — the sum — in the international market. Read 'Zamin' on Telegram!