Tashkent, Uzbekistan (UzDaily.com) — As of 23 May 2025, the Uzbek soum is trading at 12,899 per U.S. dollar, marking a 0.65% weekly gain.

While this modest recovery is a positive shift, it doesn’t fully offset prior losses: the soum had previously declined by 0.72% last week and 0.32% the week before.

Analysts suggest the soum has likely regained some correlation with the Russian ruble, which showed significant appreciation over the past five trading days.

Meanwhile, inflation expectations among Uzbekistan’s population have slightly eased. According to the Central Bank, the average 12-month inflation forecast in April was 14.2%, while the median expectation edged down 0.1% to 11.4%.

Should inflation truly begin to decline, the soum could gain greater stability and strengthen further.

Looking ahead, the USD/UZS exchange rate is expected to fluctuate within the 12,880–13,000 range over the next week.

Anna Bodrova, Analyst, Alpari