Dollar Exchange Rate in Uzbekistan Reaches All-Time High
The exchange rate of the US dollar in Uzbekistan has surged to unprecedented levels, marking a significant milestone in the country's currency market.
The official dollar exchange rate in Uzbekistan has hit a historical peak twice since the beginning of the year, surpassing the threshold of 12,500 soums, TuraNews.kz reports.
The Central Bank of Uzbekistan has confirmed the new record, setting the official exchange rate of the American currency at 12,508 soums.
Commercial banks across the country have also witnessed a surge in the dollar’s value, with buying rates ranging between 12,435 and 12,450 soums, while selling rates fluctuated between 12,495 and 12,560 soums.
This surge in the dollar’s value comes against the backdrop of a significant depreciation of the national currency. By the end of 2023, the Uzbek soum had experienced a depreciation of 9.7%. Since the start of 2024, the devaluation has continued, with the soum losing 1.37% of its value, equivalent to 169.23 soums.
Notably, the dollar’s ascent in Uzbekistan has been steady, with the exchange rate surpassing 12,400 soums at the beginning of January this year, setting a new record.
The highest recorded peak was observed in August 2023, when the dollar exchange rate in Uzbek banks surged by 408 soums, breaching the 12,000 soum mark.
