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Finance · Soum rate

Dollar Rate in Uzbekistan: Why It Is Holding Near 11,800 Soums

The Central Bank's official rate for 26 September 2026 is 11,825.40 soums per dollar; over 12 months (from 12,199.71 soums on 26 September 2025) the dollar has fallen by 3.1%. We look at Central Bank documents and analysts' assessments: according to the Central Bank's first-half review, currency supply grew faster than demand; the Central Bank enters the market not to support the exchange rate, according to T. Ishmetov (Spot, 24 August 2026); and Alpari analyst Anna Bodrova (UzDaily, 10 September 2026) names the high real rate as a factor in the soum's favor.

· 8 min read · Sogdium Editorial
A matte panel with an almost flat exchange rate line, a stack of banknotes, a gold bar and balanced scales on a light background

In brief: the official dollar rate in Uzbekistan for 26 September 2026 is 11,825.40 soums (Central Bank rate archive API). Why the rate was relatively stable in the first half of 2026 (when it moved within 11,935–12,320 soums) the Central Bank explained in its foreign exchange market review: by growth in currency supply from legal entities, export earnings and remittances; supply excluding Central Bank operations rose by 31%, demand by 20%. The dollar fell to 11,857.35 soums and below only from 18 August 2026 (Central Bank archive; before that the 2026 low was 11,886.72 on 6 August 2026); most of the strengthening, according to economist Mirkomil Kholboev (Gazeta.uz, 28 August 2026), came in August; as of 26 September 2026 there is no Central Bank foreign exchange market review for the period after June in the reviews section of cbu.uz. The Central Bank enters the foreign exchange market, according to its chairman Timur Ishmetov (as reported by Spot on 24 August 2026), "not to support any particular exchange rate, but because of gold purchase operations" (translated from Russian). The main rate is 14% (Central Bank decision of 16 September 2026); the high real rate, according to Alpari analyst Anna Bodrova (UzDaily, 10 September 2026), "continues to work in favor of the soum" (translated from Russian).

Dollar rate in Uzbekistan on 26 September 2026: Central Bank figures

Values are from the JSON API of the Central Bank of Uzbekistan's exchange rate archive (the Date field is the day for which the rate is set); percentages are our editorial calculation.

Currency26 September 202630 December 2025 (in effect at the start of 2026)26 September 2025Year to dateOver 12 months
USD11,825.40 (−5.47 on the day)12,025.3312,199.71−1.66%−3.07%
EUR13,483.32 (+32.80)14,162.2314,328.56−4.79%−5.90%
RUB140.34 (+1.07)155.25146.09−9.60%−3.94%

The dollar's high and low in 2026

Per the Central Bank rate archive (USD series from 30 December 2022, downloaded on 26 September 2026):

  • 2026 high — 12,320.34 soums, the Central Bank rate for 10 February 2026; the rate for 26 September 2026 (11,825.40) is 4.02% lower.
  • 2026 low — 11,765.21 soums, the Central Bank rate for 15 September 2026. The last time the dollar was lower in this series was 10 August 2023 (11,667.00), and on 11 August 2023 the Central Bank rate was already 12,075.03.
  • On 18 August 2026 the Central Bank rate fell to 11,857.35 soums — Gazeta.uz on 17 August 2026 called this the lowest level since August 2023. Before that, the 2026 low in the Central Bank archive was 11,886.72 (6 August 2026).

Why the dollar rate is stable: the Central Bank's explanation for the first half of 2026

In its review of the domestic foreign exchange market for the first half of 2026 (in Uzbek, published on cbu.uz on 23 July 2026; translated from Uzbek) the Central Bank writes that in January–June the rate fluctuated within 11,935–12,320 soums, ended the period (12,009) unchanged from the start of the year and was relatively stable as a result of growth in currency supply from legal entities, export earnings and remittances. The review's figures for January–June 2026:

  • Supply and demand. Demand was about $32 billion (+20% on January–June 2025), and supply excluding Central Bank operations was $27.8 billion (+31%).
  • Exports. Supply from export earnings was $10.1 billion (+30%), of which $5.6 billion (55%) was sold on the domestic market.
  • Households. Residents sold $12.3 billion to banks (1.4 times more than a year earlier) and bought $6.8 billion (+26%).
  • Remittances. Inbound international money transfers totaled $9.3 billion and outbound $1.3 billion, for a net inflow of $8 billion.

As of 26 September 2026 there is no Central Bank foreign exchange market review for the period after June in the reviews section of cbu.uz. Most of the strengthening since the start of the year, according to Kholboev (Gazeta.uz, 28 August 2026), "falls precisely in August" (translated from Russian).

Gold and interventions: the neutrality principle

Under the Central Bank's Strategy (paragraph 1), foreign exchange operations are operations involving the sale of currency received from selling, on international markets, precious metals purchased from domestic producers, as well as servicing the Central Bank's clients in buying and selling foreign currency. The "neutrality" principle, as explained by Bekzod Mirakhmedov, chief economist of the Central Bank's Monetary Operations Department ("Expert Explanations," cbu.uz, 6 February 2020), means keeping net currency sales "within the monetary gold purchased during the year" (translated from Russian); the purpose of the sales is to withdraw the soums issued to buy gold. Central Bank chairman Timur Ishmetov, as reported by Spot on 24 August 2026: "We intervene in the [foreign exchange] market, but not to support any particular exchange rate, but because of gold purchase operations" (translated from Russian).

On 11 September 2026 the Central Bank published its Strategy for Foreign Exchange Operations and Interventions for 2026–2030. It states that:

  • foreign exchange operations "must not aim to alter the long-term fundamental trend of the exchange rate" (paragraph 6(b)) and are conducted on a schedule "in a manner that does not influence the direction of exchange rate movements" (paragraph 7);
  • the exchange rate cannot be a monetary policy target (paragraph 6(c));
  • interventions are conducted "exclusively on the Currency Exchange" (paragraph 14).

Gold exports in January–July 2026 exceeded $2.8 billion against $7.6 billion a year earlier (the National Statistics Committee as reported by Gazeta.uz on 28 August 2026). Alpari analyst Anna Bodrova (UzDaily, 10 September 2026): "weak gold export volumes are limiting one of the traditional sources of foreign currency earnings" (translated from Russian).

The 14% rate and the soum: what the Central Bank and analysts say

On 16 September 2026 the Central Bank held its main rate at 14%. The release puts annual inflation for August 2026 at 6.2%; the Central Bank links real rates to savings: "Positive real interest rates are supporting households' propensity to save." The exchange rate is mentioned in the release in connection with inflation: "The appreciation of the soum's real effective exchange rate during the year due to the depreciation of the currencies of some major trading partners is helping to mitigate inflationary pressures through import prices."

The link between the rate and the exchange rate is drawn by analysts: Anna Bodrova (Alpari, UzDaily 10 September 2026) — "the high real rate continues to work in favor of the soum" (translated from Russian); the EDB (Podrobno.uz, 18 December 2025) — "relatively tight monetary policy supports the attractiveness of soum assets" (translated from Russian). On the Central Bank's decision — "Uzbekistan Holds Its Main Rate at 14%: What It Means for Deposits and Loans".

How the rate is set: a floating regime since 5 September 2017

  • Presidential Decree PF-5177 of 2 September 2017 (in force since 5 September 2017; version on lex.uz dated 8 September 2026), paragraph 1: the priority is the "exclusive use of market mechanisms in setting the exchange rate of the national currency" (translated from Russian).
  • The Law "On Currency Regulation" No. ZRU-573 of 22 October 2019 (in force since 23 October 2019, version on lex.uz dated 25 July 2026), Article 8: the soum exchange rate is determined "exclusively" by market mechanisms; the Central Bank "shall regularly set the exchange rate" for accounting, reporting, customs and other mandatory payments (unofficial English translation on lex.uz).
  • Central Bank announcement of 4 September 2017: from 5 September 2017 the rate is 8,100 soums per dollar. As of 26 September 2026 we did not find a current act setting out the methodology for the daily official rate on lex.uz or in the exchange rate section of cbu.uz.
  • The IMF in June 2026, according to the Central Bank's first-half review, changed the classification of the soum regime from "sudraluvchi" to "suzuvchi" ("crawling" → "floating", translated from Uzbek).

Bank dollar rates vs the Central Bank rate: the gap on 26 September

Bank, channelBuySellDate
Ipak Yuli Bank, cash desk11,77011,870captured 26 September 2026 (Central Bank rate on the page: 11,825.40)
ANORBANK, exchange offices (the page says: "varies by region," translated from Russian)11,80011,850"updated 26.09.2026 / 09:00"
Asia Alliance Bank, exchange office11,78511,830captured 26 September 2026

Under Article 8 of Law No. ZRU-573, the exchange rate for currency exchange "shall be determined on contractual base" (unofficial English translation on lex.uz). At the three banks (captured 26 September 2026) the selling rate is 4.60–44.60 soums above the Central Bank rate for 26 September 2026 (11,825.40), and the buying rate is 25.40–55.40 soums below it.

What analysts say about the soum exchange rate

Our editorial team does not forecast the exchange rate. Published estimates:

  • Mirkomil Kholboev, economist (Gazeta.uz, 20 July 2026): by his calculation based on the Ministry of Economy and Finance's Fiscal Strategy for 2027–2029, the average annual rate could be about 11,987 soums in 2026 and 12,554 in 2029.
  • The EDB (Podrobno.uz, 18 December 2025): analysts expected an average annual rate of about 12,800 soums in 2026.
  • Kholboev (Gazeta.uz, 28 August 2026): "A decline in gold prices could negatively affect… the foreign exchange market of Uzbekistan" (translated from Russian).

The exchange rate and deposits: deposit rates and the dollar's path

  • The weighted average rate on term soum deposits of individuals was 18.4% per annum for August 2026 (Central Bank statistics, updated 24 September 2026).
  • Over 12 months the dollar fell against the soum by 3.07%: from 12,199.71 to 11,825.40 soums (Central Bank rates for 26 September 2025 and 26 September 2026). Past performance does not guarantee future results.
  • Deposits are guaranteed up to 200 million soums per depositor at a single bank across all currencies, including interest (Articles 25–26 of Law No. ZRU-1031 of 18 February 2025, in force since 19 February 2025, version of 29 June 2026).

Rates at 16 banks as of 23 September 2026 are in our article "Bank Deposits in Uzbekistan: 2026 Interest Rates at 16 Banks as of 23 September".

FAQ

What is the dollar rate in Uzbekistan on 26 September 2026? The Central Bank's official rate for 26 September 2026 is 11,825.40 soums per dollar, 5.47 soums lower than the day before. The euro is 13,483.32 soums and the ruble 140.34 soums (Central Bank rate archive API).

Why is the dollar not rising in Uzbekistan in 2026? According to the Central Bank's review for the first half of 2026 (when the rate moved within 11,935–12,320 soums), the rate was relatively stable because of growth in currency supply from legal entities, export earnings and remittances. Most of the strengthening, according to economist Mirkomil Kholboev (Gazeta.uz, 28 August 2026), came in August; the high real rate, according to Alpari analyst Anna Bodrova (UzDaily, 10 September 2026), "continues to work in favor of the soum" (translated from Russian).

Does the Central Bank of Uzbekistan hold up the soum exchange rate? According to the Strategy published by the Central Bank on 11 September 2026, no: foreign exchange operations "must not aim to alter the long-term fundamental trend of the exchange rate," and the exchange rate cannot be a policy target. According to the explanation of 6 February 2020, the Central Bank keeps its net currency sales within the monetary gold purchased during the year.

What were the dollar's low and high in 2026? Per the Central Bank archive, the 2026 high was 12,320.34 soums (10 February 2026) and the low 11,765.21 soums (15 September 2026). The last time the Central Bank rate was below 11,765.21 was 10 August 2023.

Why does the bank rate differ from the Central Bank rate? Under Article 8 of the Law "On Currency Regulation," the exchange rate for currency exchange "shall be determined on contractual base" (unofficial English translation on lex.uz), while the Central Bank rate is used for accounting and mandatory payments. On 26 September 2026 the three banks in our table were selling dollars at 11,830–11,870 soums.

What do analysts forecast for the soum? Economist Mirkomil Kholboev (Gazeta.uz, 20 July 2026) calculated from the Fiscal Strategy parameters an average annual rate of about 11,987 soums for 2026; the EDB (Podrobno.uz, 18 December 2025) expected about 12,800. On 28 August 2026 Kholboev named a decline in gold prices as a risk.

What are soum deposit rates, and how has the dollar changed over the year? The weighted average rate on term soum deposits of individuals for August 2026 is 18.4% per annum (Central Bank statistics, updated 24 September 2026). Over 12 months the dollar fell from 12,199.71 to 11,825.40 soums (Central Bank rates for 26 September 2025 and 26 September 2026).

Sources

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