So, you’re looking at the USD to Uzbekistani Som rate and wondering why your money doesn't quite go as far in Tashkent as it did a couple of years back. It's a weird feeling. On one hand, the exchange rate looks "stable" on those little Google charts, but on the other, the prices for a non in the bazaar or a coffee in a hipster café in Mirabad seem to be climbing.
Honestly, the som is in a fascinating spot right now. As of early 2026, the official rate is hovering around 12,130 UZS to 1 USD. If you’ve been following this for a while, you might remember the days when it felt like the currency was in a freefall. But lately? It’s been surprisingly resilient. In fact, throughout late 2025 and into this January, the som actually clawed back some ground against the dollar, defying some of the gloomier forecasts from a year ago.
The Reality of the USD to Uzbekistani Som Rate in 2026
Why is the som holding its own? It basically comes down to a "perfect storm" of economic factors that caught a lot of analysts off guard. First, you’ve got gold. Uzbekistan sits on a literal gold mine—it's one of the world's top producers. With global gold prices hitting record highs recently, the Central Bank of Uzbekistan (CBU) has been able to pad its foreign exchange reserves to a massive $66 billion as of January 1, 2026.
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That is a lot of cushion.
When the central bank has that much gold and cash in the vault, they can keep the USD to Uzbekistani Som rate from swinging wildly. They aren't "fixing" the rate like they used to in the old days—thankfully the black market days of 2017 are long gone—but they are definitely smoothing out the bumps.
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Then there’s the interest rate. If you want to keep people from dumping the som for dollars, you make it expensive to borrow and rewarding to save. The CBU has kept its key policy rate high, currently at 14%. While that’s tough if you’re trying to get a mortgage in Tashkent, it means som-denominated bank deposits are actually paying out decent returns. This "tight" policy is the main reason why we haven't seen a massive devaluation.
What the Experts Are Seeing
The Eurasian Development Bank (EDB) recently put out a forecast suggesting the average annual exchange rate for 2026 might land closer to 12,800 UZS. It's a bit of a "wait and see" situation. They expect some depreciation because Uzbekistan is importing a lot of heavy machinery and technology to modernize its factories.
- Imports are expensive: When a country builds new solar plants and data centers (which Uzbekistan is doing at a breakneck pace), it has to buy those parts in dollars.
- Remittances are shifting: While money sent home from workers in Russia is still a huge deal, we’re seeing a rise in flows from the EU, the US, and the UK.
- WTO Accession: The big talk in Tashkent right now is joining the World Trade Organization, targeted for March 2026. This is expected to shake up trade balances significantly.
Is the "Black Market" Still a Thing?
If you haven't visited since 2017, you might still be looking for a guy with a plastic bag full of cash behind a grocery store. Don't bother.
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The "black market" for the USD to Uzbekistani Som rate is essentially dead. The gap between the official bank rate and what you’d get on the street is so small it’s not worth the risk or the hassle. You can just walk into any bank or use an ATM. Most people just use apps like TBC Uzbekistan or Payme to swap currencies instantly at rates that are almost identical to the official ones. It’s a massive change from the era when the "real" rate was double the official one.
The Inflation Paradox
Here’s where it gets annoying for the average person. Even though the USD to Uzbekistani Som rate hasn't exploded, things feel more expensive. This is because "imported inflation" is real. Even if the dollar stays at 12,130 UZS, if the price of a tractor in Germany goes up, the price of the cotton or wheat grown using that tractor in Uzbekistan goes up too.
The government is trying to cool this down. They’ve slashed subsidies on electricity and gas recently to move toward a more "market-based" economy. S&P Global actually upgraded Uzbekistan’s credit rating to BB in late 2025 because of these tough moves. It’s painful for the pocketbook now, but it’s meant to make the economy (and the som) stronger in the long run.
Actionable Insights for 2026
If you’re holding dollars and planning to spend them in Uzbekistan, or if you’re an expat living in Samarkand, here is the move:
- Don't hoard dollars unnecessarily: With som deposit rates at 17-19% in some local banks, you’re actually losing potential "real" value by sitting on piles of greenbacks if the exchange rate stays relatively flat.
- Watch the Gold Price: Since the som is so heavily backed by gold reserves, a sudden crash in gold would be the biggest threat to the currency’s stability.
- Use Digital Transfers: For the best USD to Uzbekistani Som rate, avoid airport exchange booths. Use local fintech apps which often offer "preferential" rates that are better than the physical cash rate at a bank branch.
- Budget for 12,800: While the rate is lower now, most corporate planners are budgeting for a year-end rate near 12,800. If you’re planning a big purchase later in the year, use that as your mental "worst-case" anchor.
The days of the som being a "joke" currency are over. It’s a serious regional player now, backed by a diversifying economy and a central bank that finally knows how to use its tools. Stay sharp, watch the CBU announcements, and keep an eye on those gold charts.