USD sees sharp swings against UZS in a week of volatility

Last week, the U.S. dollar rose against the UZS for three consecutive trading days, gaining a total of 100 UZS. However, over the next three exchange sessions, the national currency strengthened by 122 UZS, bringing the official rate down to 12,858.15 UZS per dollar – its lowest level in five months.

Photo: KUN.UZ

Uzbekistan is currently witnessing some unusual volatility in the official exchange rate of the U.S. dollar.

Between Monday and Wednesday of last week, the rate climbed by 99.81 UZS, reaching 12,980 UZS. Over the following three trading days, the dollar lost a total of 122.01 UZS in value.

Specifically, following trading on May 19, the Central Bank of Uzbekistan set the official exchange rate at 12,858.15 UZS per dollar – a decline of 58.95 UZS.

Thus, as of May 20, the official exchange rate marks a five-month low, last seen in early December 2024.

On May 19, the U.S. dollar was being sold by commercial banks at rates between 12,920 and 12,980 UZS, while buy rates ranged from 12,795 to 12,910 UZS.

For context, the exchange rate of the U.S. dollar in Uzbekistan depends on the balance of demand (imports) and supply (exports, remittances, external debt, investments), as well as the Central Bank’s monetary policy. Shifts in this balance can also be influenced by global economic factors.

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