Since the beginning of the year, Uzbeks have sold over $10 billion to banks, and the total demand for foreign currency from businesses and individuals has reached over $25 billion.
According to the Central Bank of Uzbekistan, the country's foreign exchange market has been highly active. In the first five months of the year, total demand for foreign currency increased by more than 20% compared to the same period last year. The corporate sector was the main driver of this growth, accounting for over 80% of all foreign currency purchases.
At the same time, there has been a significant increase in the supply of foreign currency—by 28.6% year-on-year to $22.3 billion. Notably, households sold over $10 billion to banks, indicating continued significant foreign exchange earnings from migrant workers, export activities, and other external sources of income.
Despite the significant increase in supply and demand, the som exchange rate remained stable, with minimal fluctuations. This indicates a balanced foreign exchange market, sufficient liquidity, and the effectiveness of the Central Bank's regulatory mechanisms. Maintaining a stable exchange rate amid growing transaction volumes also helps maintain business and public confidence in the national currency.
CentralasianLIGHT.org
June 25, 2026