On Tuesday, February 6, the Central Bank of Uzbekistan raised the official exchange rate of the dollar to a new maximum. In trading sessions, the US currency reached 12,484 UZS, marking an increase of 14 UZS since the previous day.

This incremental rise follows a steady upward trend, with the dollar reaching 12,448 UZS last Friday, increasing by more than 15 UZS, and on Monday, it edged up by another 21 UZS, ending at 12,469.89 UZS.

The ascendancy of the dollar is evident across most commercial banks, with some of the more affordable rates seen at Invest Finance Bank and Kapitalbank, listed at 12,470 UZS. The buying rate hovers between 12,410 to 12,430 UZS, with Turonbank and Garant Bank presently offering the highest prices.

The US currency first surpassed the 12,000 UZS mark on August 10, 2023, which was the sharpest one-day hike since 2018. Over the last year, the UZS depreciated by 9.83% against the dollar, compared to a 3.75% decline the previous year.

The Central Bank attributed the fall in the UZS value against the dollar to the devaluation of the Russian ruble, which has led to a decrease in export revenue and migrant remittances. Additionally, the dynamics of the Turkish lira have exerted pressure on the national currency.

Mamarizo Nurmuratov, Chairman of the Central Bank, linked the surge in the dollar's value to the pressure from increased imports and stated that the current exchange rate accurately reflects foreign trade operations. The trajectory of the US dollar's value continues to be a key indicator of economic fluctuations in Uzbekistan.