The Central Bank set foreign currency rates on October 3. The dollar fell below the 11,800 som mark, with the euro showing the most significant decline.

New Rates

  • US dollar — 11,772.95 som (−35.81);
  • euro — 13,224.55 som (−179.57);
  • British pound — 15,548.54 som (−142.94);
  • Russian ruble — 141.14 som (−1.02);
  • Chinese yuan — 1,755.95 som (−5.34);
  • Japanese yen — 74.66 som (−0.54);
  • Kazakhstan tenge — 26.20 som (−0.64).

What the Dynamics Show

A simultaneous decline across all currency basket positions indicates strengthening of the national currency rather than movement of individual currencies relative to each other.

The scale of euro decline stands out — over 1.3% per session versus 0.3% for the dollar. This divergence reflects weakening of the European currency on the global market.

What Supports the Som

Several factors work in the same direction.

Remittances. Inflows from abroad increased by approximately 13% year-over-year — a stable source of foreign currency supply.

High real rates. The Central Bank's main rate holds at 14% with inflation around 6%, making som instruments attractive.

Budget surplus. Over nine months, government revenues exceeded expenditures — this reduces borrowing needs.

Headwind Factor

Gold exports have dropped threefold since the start of the year. The metal remains a significant source of foreign currency earnings, and reduced supplies limit internal market supply.

This is currently offset by growth in non-commodity exports and remittance inflows, but dependence on commodities persists.

When planning exchanges, check the current currency rates at banks: quotes update several times daily, and differences between branches for less common currencies can be significant.

This material is informational and not an investment recommendation.