Look, if you’ve been watching the Uzbek soum for a while, you probably expected a steady slide into oblivion. That’s usually how it goes with regional currencies in Central Asia. But right now, things are looking a bit... different.
Honestly, the usd to uzs rate uzbekistan current situation is throwing some people for a loop. As of mid-January 2026, the rate is hovering around 11,968 UZS for 1 US Dollar. If you check the Central Bank of Uzbekistan (CBU) figures, you'll see it’s been remarkably stable, even dipping below the 12,000 mark recently. This isn't just a random fluke; it's a reflection of some serious economic shifts happening on the ground in Tashkent.
The 7% Surprise: What’s Propping Up the Soum?
Most folks traveling to Samarkand or doing business in the Fergana Valley are used to seeing the soum lose value year after year. Not in 2025. Last year, the national currency actually strengthened by roughly 7% against the dollar. That’s wild for a currency that people used to carry around in literal plastic bags of cash just a few years ago.
So, why is this happening?
Gold.
Uzbekistan is sitting on a gold mine—literally. With global gold prices hitting record highs, the country’s export revenues have surged. When the state sells gold, it brings in a massive influx of foreign currency. This keeps the soum from tanking. Plus, the Central Bank has been pretty aggressive with its high interest rates, which are currently sitting around 14%. It makes holding soums actually profitable for once, especially if you’re looking at local deposits.
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Then there's the tourism factor. Uzbekistan is no longer a "hidden gem"—it’s a full-blown destination. The influx of euros and dollars from travelers visiting the Silk Road sites is providing a nice cushion for the local economy.
Real Talk on the Street Rates
You've probably heard horror stories about the "black market" for currency in Uzbekistan.
Forget them.
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Since the massive reforms back in 2017, the black market has basically evaporated. You don't need to meet a guy behind a dumpster to get a fair rate anymore. In fact, most ATMs in Tashkent, Bukhara, and Khiva now spit out soums at the official bank rate, which is almost identical to the mid-market rate you see on Google.
Pro tip: If you're bringing cash, make sure your bills are pristine. I’m talking crisp, "fresh from the printer" quality. If there’s a tiny tear or a stray pen mark on a $50 bill, many exchange offices will either reject it or give you a worse rate. It’s annoying, but that’s the reality of the usd to uzs rate uzbekistan current landscape.
Managing Your Money in Uzbekistan: What to Expect in 2026
If you’re planning a trip or a business deal this quarter, don't expect a massive devaluation overnight. Most analysts, including those at the Eurasian Development Bank, think the soum will stay within the 11,900 to 12,100 range for the foreseeable future.
But it’s not all sunshine.
Uzbekistan still imports a lot of consumer goods. If the dollar starts a massive rally globally, the CBU will have a tough time keeping the soum at these levels. Also, keep an eye on regional politics. If there's instability in neighboring markets, the soum tends to feel the heat pretty quickly.
Helpful Facts for Your Wallet
- The $2,000 Rule: You don't need to declare your cash at customs if you're carrying less than $2,000. If you have more, fill out the T-6 form. Don't lose it. You'll need it when you leave.
- Cards vs. Cash: Visa and Mastercard work in most major hotels and upscale restaurants. For the bazaar? You’re going to need cash. Always carry some small denominations.
- ATMs: They are everywhere in the cities now. Most charge a small fee (usually 1-3%), but it’s often cheaper than the spread you’d pay at a shady exchange booth.
Is the Soum "Strong" Now?
Strong is a relative term.
Is it the Swiss Franc? No. But compared to its historical performance, it's holding its ground. The Central Bank wants to hit a 5% inflation target by 2027. To get there, they need a stable exchange rate. They’ve been burning through some reserves to keep things steady, but with gold prices where they are, they have the ammo to do it.
For investors, the current stability is a double-edged sword. A stronger soum makes exports more expensive, which hurts local manufacturers trying to sell abroad. But for the average person buying a Samsung fridge or a used Chevrolet (the unofficial national car of Uzbekistan), it keeps prices from spiraling out of control.
Actionable Insights for 2026
- Don't hoard dollars unnecessarily: If you're living in Uzbekistan, soum-denominated deposits are currently yielding much higher returns than holding "greenbacks" under a mattress.
- Use official channels: There is zero benefit to using unofficial exchangers. Stick to banks or the "exchange" windows at major hotels.
- Watch the gold market: If gold prices take a dive, expect the usd to uzs rate uzbekistan current to shift toward 12,500 fairly quickly.
- Exchange as you go: Don't exchange $1,000 all at once. The soum is still a volatile currency in the long run, and it's nearly impossible to exchange soums back to dollars at a good rate once you leave the country.
The bottom line is that the Uzbek economy is growing—fast. With a projected GDP growth of over 6% for 2026, the demand for the soum is actually real. It’s no longer just a currency of necessity; for many, it’s becoming a currency of stability. Keep an eye on the official CBU updates every Tuesday and Friday when the new rates are typically announced.