The sum accelerated its decline by year-end, decreasing by 4% for 2024.

The decline of the Uzbek som's exchange rate is accelerating. As of December 26, the US dollar is valued at 12,923 soms. Over the past week, the som has depreciated by an additional 0.41%, following a decrease of 0.11% the week before.

https://uzdaily.uz/ru/sum-uskoril-snizhenie-k-kontsu-goda-za-2024-god-ponizilsia-na-4/2024-12-26 08:47:43

Interestingly, there is currently no positive correlation between the sum and the ruble. However, past complications for Russia have been fully reflected in the position of the sum.

The internal economic situation in Uzbekistan is stable. The country's GDP may have increased by 6.8-7.2% over the year. Inflation has risen to 8.8-9.0%. This is higher than the levels of 2023 due to global issues with logistics, interest rates, and market conditions.

Specifically, since the beginning of the year, the sum has depreciated against the US dollar by an average of 4.5%. The first half of the year was neutral for the sum; it strengthened during the summer, but began a gradual decline with the onset of autumn. This decline intensified in December. Such rates of devaluation of the sum are considered moderate.

In the coming week, the dollar/sum pair is expected to remain within the range of 12,900-12,965 sums.

Anna Bodrova, analyst at Alpari