Uzbek soum depreciated significantly against US dollar over the last decade

The national currency of Uzbekistan ranked eighth in the list of national currencies that have most devalued against the US dollar in the past decade, according to a rating by the capital management company Creative Planning.

It’s noted that over the last decade, the Uzbek soum has weakened by 82.3% compared to the dollar, marking the worst performance among post-Soviet states' currencies. Additionally, the Ukrainian hryvnia depreciated by 77.5%, the Kazakh tenge by 65.4%, the Russian ruble by 61.3%, the Tajik somoni by 56.3%, and the Kyrgyz som by 43.3%.

In contrast, the Turkmen manat emerged as the most stable currency in Central Asia, depreciating only by 18.4%.

The Armenian dram and the Swiss franc are the only two currencies that have appreciated against the dollar in the last decade, with increases of 1.1% and 3.1%, respectively.

With nearly a 100% devaluation over the decade, the Venezuelan bolivar topped the list as the most devalued currency. Other currencies with substantial depreciation included the Syrian pound (-99.1%), the Argentine peso (-99.1%), the Turkish lira (-92.3%), and the Surinamese dollar (-91.2%).

This ranking underscores the widespread economic challenges and volatility in currency markets, highlighting the Uzbek soum's significant loss in value compared to the US dollar over the past ten years.