As of August 1, 2026, the money supply in Uzbekistan reached a record 434.5 trillion soums (approximately $36.8 billion) for the first time, the Central Bank of Uzbekistan reported. Over the year, this figure has grown by 118.8 trillion soums ($10.1 billion), or 37%, with more than 83% of the money supply in the national currency, Daryo.uz reported.
In June, the money supply exceeded 400 trillion soums for the first time, reaching 411.4 trillion soums ($34.8 billion), compared to 300 trillion soums ($25.4 billion) the previous year. This figure has more than doubled over the past three years. The volume of cash in circulation reached 76.3 trillion soums ($6.5 billion) by early August, an increase of 16.4 trillion soums ($1.4 billion) over the year.
The dynamics are particularly noticeable over the long term. In February 2013, the money supply was 24.4 trillion soums ($2.1 billion), and by the beginning of 2024, it was 242.2 trillion soums ($20.5 billion). Thus, over 11 years, it has grown almost tenfold.
Currently, 1 US dollar is equal to 11 824 Uzbekistani soums.
The sharp increase in the money supply reflects the expansion of the banking sector, deposits, lending, and overall economic activity. For a growing economy, this creates additional resources for investment and business, but a 37% increase over the year requires close monitoring by the Central Bank.
If the money supply grows faster than the production of goods and services, this can increase inflationary pressure. Therefore, it is not the record of 434.5 trillion soums ($36.8 billion) itself that is important, but its relationship to GDP growth, inflation, and productivity.
Moreover, the predominance of the national currency—over 83% of the money supply—indicates the soum's significant role in the economy and expands the scope for monetary regulation. For Uzbekistan, the key task is to ensure that money supply growth stimulates production and investment, rather than leading to financial imbalances.
CentralasianLIGHT.org
August 27, 2026