The Sum continues to decline, but it is doing so gradually.
The Uzbek som continues to depreciate against the US dollar, albeit slowly and cautiously. As of January 24, the exchange rate stands at 12,960 soms per dollar. Over the past week, the som has only decreased by 0.07%.
https://uzdaily.uz/ru/sum-prodolzhaet-snizhenie-no-eto-proiskhodit-akkuratno/2025-01-25 08:47:50
The sum continues to disregard the dynamics of the Russian ruble, which previously served as a reliable support for the sum but suddenly ceased to fulfill that role.
Last year, the sum depreciated against the USD by only 4%. Compared to the two previous years, the pace of devaluation has slowed down. The strategic support for the sum comes from gold exports, an increase in financial remittances from labor migrants, and a targeted slowdown in imports.
In the near future, the dollar/sum pair is expected to remain within the range of 12960-13050 sums.
Anna Bodrova, Alpari Analyst