Central Bank reports moderate strengthening of UZS in early 2025

According to data analyzed by Gazeta.uz, the official exchange rate set by the Central Bank of Uzbekistan increased from 12,877.37 UZS to 12,913.19 UZS per dollar, marking a 0.28% rise (almost 36 UZS).

Throughout the month, the dollar gradually appreciated against the national currency, but in the final week of March, the UZS partially regained some of its lost value.

For comparison, in March 2024, the UZS had depreciated by 1.08% (135.15 UZS) against the dollar.

Trends in the first quarter of 2025

In the first three months of 2025, the UZS strengthened by 0.06% (7.3 UZS) against the dollar. While the dollar rose 0.28% in January, it fell by 0.62% in February.

At the end of February, commercial banks were buying dollars at 12,815–12,860 UZS and selling them at 12,885–12,940 UZS. By the end of March, the buying rate increased to 12,850–12,905 UZS, while the selling rate reached 12,920–13,000 UZS.

UZS’s stability amid trade balance shifts

Despite fluctuations in external trade, the national currency remained stable.

• In January-February 2025, Uzbekistan exported $4.64 billion worth of goods and services, marking a 27.7% increase.
• Imports declined by 0.6%, totaling $6.2 billion.
• Consequently, the trade deficit narrowed to -$1.56 billion, a significant improvement from -$2.6 billion in the same period of 2024.

On March 20, the Central Bank announced a base rate hike to 14%, stating that due to the strengthening of key trading partner currencies, the real effective exchange rate of the UZS was showing a downward trend, aligning with medium-term forecasts.

In other words, after accounting for inflation and currency fluctuations among Uzbekistan’s trading partners, the UZS had slightly depreciated in real terms.

By the end of 2024, the official exchange rate of the dollar had increased by nearly 582 UZS (+4.71%). However, the pace of devaluation was slower compared to 2023, and the average annual exchange rate slightly exceeded forecasts.