Sum started the year with a decline, but there is hope for stabilization.
At the beginning of 2025, the Uzbek som is experiencing a decline against the US dollar. As of January 16, the exchange rate is 12,950 soms for one US dollar.
https://uzdaily.uz/ru/sum-nachal-god-snizheniem-no-nadezhda-na-stabilizatsiiu-est/2025-01-17 08:47:44
In 2024, the exchange rate of the sum against the dollar has decreased by 4%.
Currently, the following factors are significant for the sum's exchange rate:
the trajectory of the Russian ruble, with which the sum has a correlation, although it is not always evident;
the situation regarding the structure of Uzbekistan's trade and economic balance;
the inflation dynamics in Uzbekistan.
Over the course of the year, the normalization of global monetary policy is expected to positively impact the sum's exchange rate. However, it will take some time before this active phase begins - on average, from one to two quarters.
In the near term, the dollar/sum pair is likely to remain within the range of 12,950 to 13,050 sums.
Anna Bodrova, analyst at Alpari