Demand from legal entities and individuals for foreign currency in Uzbekistan in January–July 2026 totaled $38.2 billion — 17.7% higher than in the same period of 2025, when the figure was $32.5 billion. The Central Bank reports these figures.
Who buys currency
Distribution of total demand:
- legal entities — $30 billion;
- individuals — $8.2 billion.
Business accounts for nearly 79% of total demand — a figure reflecting the structure of foreign trade settlements and import operations.
Supply grows faster than demand
Total foreign currency supply during the reporting period increased by $7.2 billion, or 28%, and reached $33 billion compared to $25.8 billion a year earlier.
- individuals sold to banks — $14.6 billion;
- legal entities — $18.4 billion.
Key point: supply grew almost twice as fast as demand (28% vs. 17.7%). This ratio explains why, despite increased purchase volumes, the exchange rate did not weaken the sum.
Exchange rate dynamics
In January–July 2026, the exchange rate fluctuated within the range of 11,910–12,320 sums per US dollar. Over the period, the national currency strengthened against the dollar by approximately 0.4%.
Average bilateral volatility was 32 sums, or 0.27%, compared to 28.2 sums, or 0.22%, a year earlier. Fluctuations became slightly more pronounced but remained typical for a managed floating exchange rate.
This material is for informational purposes only and is not an investment recommendation.