According to our monthly analysis based on the exchange rates published by the Central Bank of the Republic of Uzbekistan, during January 2026 the US dollar appreciated by 173.77 soums against the national currency.
The strengthening of the US dollar against the Uzbek soum in January can be explained by a combination of external and internal factors. The strengthening of the dollar’s position in global financial markets, along with the tight monetary policy of the US Federal Reserve, increased pressure on the currencies of developing countries. At the same time, higher import volumes at the beginning of the year, foreign currency payments on external obligations, and stronger seasonal demand further boosted the demand for dollars in the domestic market. Given the floating exchange rate regime in Uzbekistan, these factors led to the exchange rate being shaped by market mechanisms.
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