According to the official exchange rates announced by the Central Bank of the Republic of Uzbekistan, during July 2025, the US dollar decreased by 62.56 soums against the national currency – the Uzbek soum. This situation indicates that changes in the national currency market are closely linked with economic fundamentals.
Within the framework of the monetary policy conducted by the Central Bank, exchange rates are primarily formed based on free market principles. This approach helps ensure the openness and competitiveness of the national economy. A decline in the exchange rate occurs under the influence of factors such as import and export volumes, capital flows, and global economic trends.
The depreciation of the US dollar against the soum is due to a number of factors, including:
Positive dynamics of the foreign trade balance – an increase in export volume and a relative decrease in import costs lead to the strengthening of the national currency.
Growth in domestic economic activity – increases in production and the service sector raise demand for the national currency.
Changes in global financial markets – easing of the US Federal Reserve (FRS) policy or changes in global investor confidence may put pressure on the dollar rate.
In addition, domestic demand and supply of foreign currency also play an important role in short-term exchange rate fluctuations.
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