The real effective exchange rate index (REER) of the Uzbek som for January–April 2025 declined by 6.2 points and reached 105.2 points. These calculations were made by experts from the Institute of Macroeconomic and Regional Research (IMRR).

Nominal Index Also Declined

The nominal effective exchange rate index (NEER) for the same period lost 5.4 points and fell to 88.7 points.

The index is calculated as a weighted sum of som exchange rates against the currencies of partner countries. The calculation accounts for the share of foreign currencies in the country's foreign trade turnover.

What This Means for the Economy

The IMRR noted that a decline in the real exchange rate index leads to lower export prices and higher import costs.

Dynamics Against Individual Currencies

From January to April 2025, changes in the som exchange rate against several currencies were as follows:

  • US dollar: som rate declined by 0.5%;
  • Russian ruble: strengthened by 20%;
  • Kazakhstani tenge: strengthened by 1.1%;
  • Chinese yuan: weakened by 0.1%.

For investors and depositors, this data shows how the som's exchange rate conditions changed relative to the currencies of the country's main trading partners.