In 2026, both external and internal factors will simultaneously influence the dollar exchange rate. This statement was made by Deputy Chairman of the Central Bank of Uzbekistan Nodirbek Achilov during a round-table discussion held at the Central Bank on November 27, 2025.
According to Achilov, external factors include the condition of foreign trade partners, their national currency exchange rates and inflation levels, as well as their economic activity. "In addition, there are also factors directly related to internal conditions—export revenues, remittances, foreign credit lines, and foreign investments.
All these elements shape market supply and determine market dynamics," he emphasized. Achilov noted that over the past six months, several indicators have shown positive trends.
For instance, export revenues continue to grow, and the volume of direct foreign investments has been increasing. "By the end of nine months, the volume of direct foreign investments amounted to $15.4 billion.
This is a very significant factor. We expect these trends to continue.
Overall, the growth in economic efficiency and transparency, the anticipated accession to the World Trade Organization, and improving relations with neighboring countries—all these elements will increase the volume of financial resources flowing into our country. This, undoubtedly, is a positive factor," stated Achilov.
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