Tashkent, Uzbekistan (UzDaily.com) — As of 1 May 2025, the exchange rate of the US dollar reached 12,915 soums. Over the past week, the soum depreciated by 0.32% against the USD.

The previous week, the soum appreciated by 0.63%, and before that, it had risen by 0.10%. Currently, the emotional drop has not yet erased the currency’s gains made in April.

However, the week was excessively volatile. This could have been influenced by global fluctuations, negative risk sentiment, and widespread concerns over the ongoing trade war imposed by the United States.

In April, the Central Bank of Uzbekistan maintained its key interest rate at 14% per annum. The regulator’s main goal is to continue working with inflation to keep it under control.

By the beginning of April, the consumer price index (CPI) in the country had reached 10.3%, while the core CPI stood at 8.1%. These figures are high, as the Central Bank expects inflation to be within the 7-8% range by the end of the year.

It can be assumed that, if the current economic conditions persist, the regulator will likely need to raise the rate further if maintaining price control remains a priority.

In the first full week of May, the USD/UZS exchange rate is expected to fluctuate within the range of 12,860-13,000 soums.

Anna Bodrova, Analyst at Alpari