The dollar exchange rate in Uzbekistan fell to its lowest level since August 2023

The dollar exchange rate in Uzbekistan has fallen to its lowest level since August 2023. As of August 26, the official exchange rate of the US currency was set at 11,778.52 soums. This figure is the lowest value since the sharp depreciation of the soum in August last year.

According to the Central Bank, at the end of Tuesday's trading, the dollar fell by 39.55 soums. The new rate is the fourth lowest recorded for the dollar in the past month.

In commercial banks, the dollar is mainly sold at 11,840−11,875 soums. The cheapest selling rate is 11,820 soums, which is offered by Asia Alliance Bank, Apex Bank and Xalq Bank. The purchase rate of the US currency starts at about 11,725 soums. Ziraat Bank is buying the dollar at the highest rate - 11,810 soums.

Economist Mirkomil Holboyev noted that the strengthening of the soum accelerated significantly in August. From the beginning of the year to the end of July, the national currency’s exchange rate against the dollar remained almost unchanged, that is, the soum depreciated by only 0.01 percent. However, in August alone, the soum strengthened by about 1.9 percent.

According to him, the strengthening of the soum is taking place against the background of the general trend of the dollar weakening against a number of world currencies. The economist said: “Since the beginning of the month, 28 of the 39 currencies selected have strengthened against the dollar, while only 5 have weakened.”

According to the data provided by Holboyev, the South Korean won has strengthened most significantly during this period - by about 4 percent. The Kazakh tenge has appreciated by about 3.5 percent. “In general, the strengthening of the soum in August is consistent with global trends,” Mirkomil Kholboyev wrote.

At the same time, he noted that there is still no complete information on some internal factors that could affect the national currency exchange rate. In particular, we are talking about exports in August, gold exports against the background of an increase in gold prices on the world market, investment flows, remittances and external borrowing. “These factors, of course, can also play a major role. We will find out about this later,” the economist said.

Over the six months, individuals sold $12.3 billion in foreign currency to banks. This is 35 percent more than the same period last year. The volume of foreign currency purchases by the population increased by 26 percent, reaching $6.8 billion. Thus, the amount of foreign currency sold to banks by the population for half a year was almost $5.5 billion more than it was purchased. Last year, this difference amounted to $ 3.7 billion.

The population remains a large net seller of foreign currency. The share of the population's net supply of foreign exchange in the total turnover of foreign exchange transactions increased from 26 percent in the first half of 2025 to 29 percent in January-June 2026.

Earlier, the IMF changed the current classification of the exchange rate regime in Uzbekistan from a "crawler" regime to a "floating" regime.