The Central Bank of Uzbekistan published its analytical report on the stable growth of the national currency. According to the regulator, in January-October 2025, the exchange rate of the soum against foreign currencies strengthened by 7%. It is said that such growth was formed under the influence of a number of economic factors.
It was reported that, first of all, a sharp increase in export revenues and a serious increase in international remittances became the main impetus for the appreciation of the soum. At the same time, the attraction of foreign loans, the stabilization of import payments, and the increase in the flow of foreign direct investment also played an important role in strengthening the national currency.
The Central Bank's review states:
"In recent months, a new trend has emerged in the domestic foreign exchange market. The soum, having overcome a long period of devaluation against the dollar, has entered a phase of strengthening.
According to the analysis, over the past 10 months, supply and demand in the foreign exchange market have increased sharply. In particular, the demand for foreign currencies increased by 24% compared to the corresponding period of 2024, while the supply increased by 26%. Both demand and supply between legal entities simultaneously
24 and 38 percent, respectively.
According to experts, a high level of supply growth is noted as one of the main factors ensuring the stability of the national currency.
According to calculations, export revenues to the country (excluding gold) reached $14.5 billion. Of this amount, 8.1 billion dollars were sold on the domestic foreign exchange market, which contributed to the emergence of an additional source of foreign currency in the domestic market.
The volume of currency sales to banks by the population also reached a record level: $17.5 billion was sold in 10 months (in 2024 - $13.2 billion). The purchase volume amounted to $9.7 billion, which is 25% more than last year.
The volume of international remittances to the country is also very large - 15.8 billion dollars. This is 25 percent higher than last year. These funds increased the supply of foreign currency and laid the foundation for the further appreciation of the soum.
It was previously reported that the national currency strengthened by 3.4% against the dollar in September. The Central Bank emphasized once again that the exchange rate is based on real supply and demand in the market, and the regulator does not set a target rate and does not intervene directly.
As a result, the combination of these several factors in the economy began a new stage in the domestic foreign exchange market - the soum took a significant step towards stability.
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