Tashkent, Uzbekistan (UzDaily.com) — The Uzbek soum has halted its upward movement against the US dollar and is now losing ground.

As of 6 March 2025, the US dollar is trading at 12,900 soums. Over the past week, the soum has depreciated by 0.23%.

There is currently no correlation with the Russian ruble. At a certain point, the correlation broke, and the soum is now moving in line with internal factors and market drivers. However, a restoration of this correlation cannot be ruled out, given the close trade and economic ties between Uzbekistan and Russia.

Among Uzbekistan’s key domestic developments, the government has issued three additional bond placements totaling US$1.5 billion. The US dollar-denominated bonds have a maturity of seven years, while those in euros and soums will mature in four and three years, respectively. This capital attraction is seen as a positive signal for the market.

In the near term, the USD/UZS exchange rate is expected to fluctuate within the 12,850–12,950 soum range.

Anna Bodrova, Analyst at Alpari