Tashkent, Uzbekistan (UzDaily.com) — As of 15 November, the Uzbek soum remains remarkably stable against the US dollar, with the exchange rate consolidating around 12,775 soums for the third consecutive week. 

An analysis of the soum’s trading chart reveals a sideways trend within a defined range. 

In the context of the current global currency market volatility, this stability is noteworthy. The soum demonstrates resilience, showing limited reaction to the strength of the US dollar and decoupling from the rapidly depreciating Russian ruble. 

Domestic economic indicators further underscore Uzbekistan’s stability. Inflation over the first 10 months of 2024 increased by 7.7%, with the Central Bank projecting an annual consumer price index of approximately 9.0%. 

For October, inflation rose by just 0.84%, marking the lowest monthly rate in five years. Notably, food inflation remains moderate, and price growth in the service sector is also slowing. 

Short-term forecasts for the USD/UZS pair suggest continued movement within the 12,750–12,830 range. 

Anna Bodrova

Analyst at Alpari