Since the beginning of 2024, the UZS has depreciated by 4.26% against the dollar. At the start of the year, the exchange rate stood at 12,338.77 UZS. This trend follows earlier increases, with the official rate surpassing 12,700 UZS in April and 12,800 UZS in October.

The Central Bank's official exchange rates are used for accounting, statistical reporting, customs calculations, and other mandatory payments within Uzbekistan.

Uzbekistan’s 2025 budget anticipates an average annual exchange rate of 13,250 UZS per dollar. Projections suggest the rate could reach 13,725 UZS in 2026 and 14,150 UZS in 2027.

Mamarizo Nurmurodov, the Central Bank’s governor, noted that a 1% depreciation of the exchange rate could increase inflation by 0.3% to 0.4%. The UZS had already depreciated by 3.94% in 2022 and 9.7% in 2023, highlighting a broader trend of currency adjustment.