Tashkent, Uzbekistan (UzDaily.com) — The Uzbek soum has shown a sharp rebound against the US dollar, signaling a degree of stabilization in the currency market.

As of 20 February, the USD stands at 12,925 soums. Compared to 24 January, when the dollar traded at 12,960 soums, the exchange rate has remained relatively stable over the past month. However, within this period, the soum experienced significant volatility.

This trend is unusual, given the strong correlation between the Uzbek soum and the Russian ruble. Since early 2024, the ruble has been gaining value rapidly, driven by excess foreign currency supply, tax payments, and geopolitical factors. Despite this, the soum has not mirrored the ruble’s appreciation, which raises questions about the current market dynamics.

In 2024, the soum has depreciated by only 4% against the US dollar, marking a slower pace of devaluation compared to previous years.

In the short term, analysts expect the USD/UZS exchange rate to fluctuate within the range of 12,970–13,000 soums per dollar.

Anna Bodrova, Analyst at Alpari