In recent days, one of the most discussed topics in Uzbekistan's financial market has been the sharp depreciation of the U.S. dollar against the soum, followed by its recovery. This development has caught the attention not only of economists but also of ordinary citizens.
Record drop — what caused it?
In mid-June 2025, the U.S. dollar exchange rate against the Uzbek soum dropped significantly. This was recorded as one of the biggest one-day depreciations in recent years. According to financial analysts, the reasons behind it include:
1. Increased export currency inflows — seasonal factors led exporters to sell large volumes of foreign currency.
2. Rise in foreign currency supply on the domestic market, meaning more dollars were being sold than demanded.
3. Central Bank’s non-interventionist policy — the regulator attempted to manage the situation through market tools.
As a result, the dollar’s value declined rapidly, prompting expectations among many that further depreciation could follow.
But today, it rose: what are the numbers?
As of June 25, 2025, according to the official rates set by the Central Bank of the Republic of Uzbekistan:
The U.S. dollar increased by 45.26 soums, reaching 12,456.25 soums.
The euro also rose by 223.82 soums, reaching 14,461.71 soums.
The Russian ruble slightly decreased by 0.02 soums to 158.36 soums.
This shift suggests a restoration of market confidence in the dollar following its short-term drop.
What’s next?
The currency market is a complex system influenced by many variables. The value of the dollar against the soum will continue to depend on factors such as:
▪️Changes in the trade balance
▪️Central Bank policy
▪️Geopolitical developments
▪️Domestic consumption and investment demand
Experts believe the dollar may stabilize in the coming weeks, although seasonal fluctuations are likely to continue. Read 'Zamin' on Telegram!
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