August confirms its status as a mixed month for the sum

Rewrite the following news text:

August confirms its status as a mixed month for the sum

As of August 27, 2026, the Uzbek sum is trading slightly below its level against the US dollar. One US dollar is trading at 11,800 sums. This means the sum has fallen by 0.12% since our previous review. Incidentally, the sum strengthened by 1.21% the week before, after declining by 0.39%. Thus, August only confirms its status as a very mixed month for the Uzbek sum.

Remittances to Uzbekistan continue to grow and simultaneously become more diversified. In the first half of 2026, individuals received $9.3 billion from abroad, 13% more than the previous year. Although Russia remains the main market for labor migrants, remittances from other countries are growing faster.

Transfers from EU countries increased by 27% to $319 million, from the UK by 62% to $144 million, and from the US by 19% to $372 million. Transfers from Kazakhstan increased by 28% to $469 million, while those from South Korea and Turkey increased by approximately 14%. The Central Bank attributes this trend to the expanding geography of labor migration: approximately 258,000 Uzbek citizens are already working in European countries.

For the sum, the growth in remittances is a positive factor. The increased inflow of foreign currency supports the supply of foreign currency in the domestic market, thereby limiting pressure on the national currency. An additional benefit is the gradual reduction of reliance on one direction for transfers: the wider geography of receipts makes this source of currency more resilient to economic and currency fluctuations in individual countries.

The dollar/sum pair will trade in the range of 11,750-12,000 sums in the final days of August and early September.

Anna Bodrova, Alpari Analyst

**Rewritten text:**

**August: A Volatile Month for the Uzbekistani Som**

As of August 27, 2026, the Uzbekistani Som is showing a slight weakening against the US dollar, trading slightly below its level a week ago. The market exchange rate for the dollar is 11,800 som, indicating a 0.12% decline since the last review. Notably, the Som strengthened by 1.21% the week before, and had previously declined by 0.39%. These fluctuations confirm August's status as a highly volatile month for Uzbekistan's national currency.

**Growth and Diversification of Remittances**

The volume of remittances to Uzbekistan continues to increase, with geographic diversification. In the first half of 2026, individuals received US$9.3 billion from abroad, a 13% increase year-on-year. Although Russia remains a key market for labor migrants, the inflow of funds from other countries is growing more dynamically.

Remittances from the European Union increased by 27%, reaching $319 million, from the United Kingdom by 62%, to $144 million, and from the United States by 19%, to $372 million. Remittances from Kazakhstan increased by 28%, to $469 million, while those from South Korea and Turkey increased by approximately 14%. The Central Bank of Uzbekistan attributes this trend to the expanding geography of labor migration: approximately 258,000 Uzbek citizens are currently working in European countries.

**Positive Impact on the Som**

The increase in remittances is a favorable factor for the Uzbek som. The growing influx of foreign currency helps maintain the supply of foreign currency in the domestic market, thereby reducing pressure on the national currency. An additional advantage is the gradual reduction of remittance dependence on a single source: a wider geography of receipts makes this source of currency more resilient to economic and currency fluctuations in individual countries.

**Forecast for late August – early September**

During the remainder of August and early September, the US dollar/sum exchange rate is forecast to fluctuate between 11,750 and 12,000 sums.

Anna Bodrova, Alpari Analyst