The exchange rate of the Uzbek currency was determined by the fundamental factors of supply and demand on the domestic currency market, as well as by external factors.

During the first quarter, the national currency depreciated by 0.8 percent (from 9,501 to 9,577 soums per $1). April saw a sharp devaluation – by 5.8 percent. 

The April surge was attributed to an increase in the devaluation expectations of economic agents and the population due to the depreciation of the currencies of the main trading partners since the end of March, as well as supply and demand imbalances in the domestic currency market.