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The US dollar broke through the 12,000-sum threshold on the currency exchange on Thursday, 15 October, closing at 12,011.65 sums — a gain of 48 sums 49 tiyins on the day and the highest rate recorded since 31 July, according to Central Bank data.
The move capped eight consecutive working days of dollar appreciation dating back to 6 October. The steepest single-day rise during that stretch came on 10 October, when the rate jumped by more than 51 sums to reach 11,897 sums — itself the highest level since mid-August at that point.
Commercial Bank Rates
Most commercial banks were selling dollars above the 12,000-sum mark by the close of trading on 15 October. Turonbank and Hayot Bank quoted the highest retail selling prices at 12,040 sums, while Kapitalbank offered the lowest at 11,990 sums. On the buying side, rates opened from 11,905 sums, with Trustbank offering the most competitive purchase price at 11,960 sums, followed by the Business Development Bank and Infinbank at 11,955 sums each.
Other Major Currencies Also Rose
The dollar’s advance was part of a broader strengthening of reserve currencies against the sum. The euro added 72.3 sums to reach 13,462.66 sums, while the British pound rose 41.5 sums to 15,911.83 sums. The Russian ruble gained 84 tiyins to trade at 143.17 sums, and the Chinese yuan climbed 7.7 sums to 1,795.17 sums.
Reversal of a Prolonged Downtrend
The October rally marks a sharp reversal of a sustained downward trend that had taken hold after a spike in February. From the start of August, the dollar had remained below 12,000 sums and had set five successive post-devaluation lows — each the weakest level since the August 2023 devaluation. The most recent of those lows came on 11 September, when the rate touched 11,765 sums, a three-year trough.
The speed of the reversal — roughly 247 sums gained in eight trading sessions — underscores how quickly sentiment in the domestic currency market can shift, particularly given the structural imbalance between supply and demand documented by the Central Bank for the first half of the year.
Demand Outpacing Supply
Central Bank figures for the first half of 2026 show that total demand for foreign currency reached $32 billion, a 20% increase compared to the same period in 2025, with the bulk of purchases made by legal entities rather than individuals. Supply of foreign currency on the domestic market — excluding Central Bank interventions — grew at a faster pace of 31%, reaching $27.8 billion, but still fell short of aggregate demand, leaving a structural gap that the regulator has been bridging through its own operations.
Against that backdrop, Uzbekistan’s gold and foreign exchange reserves fell below $67 billion in September, according to earlier Central Bank data reported by Spot.uz. The reserves figure adds context to the regulator’s capacity to manage exchange rate volatility through market intervention.