In comparison, the UZS had depreciated by 3.94% in 2022 and by a sharper 9.7% in 2023.

The Uzbek government’s 2025 budget assumes an average annual exchange rate of 13,250 UZS per USD. Projections for subsequent years anticipate a gradual devaluation, with the rate forecasted at:

- 2026: 13,725 UZS

- 2027: 14,150 UZS

According to S&P Global Ratings, the exchange rate may reach the following levels by the end of each year:

- 2025: 13,650 UZS

- 2026: 14,300 UZS

- 2027: 15,000 UZS

Factors influencing the UZS value

The UZS exchange rate is influenced by multiple factors, including economic growth, inflation levels, and the trade balance.

Economic Growth: A robust economy can help slow the depreciation of the UZS against the dollar.

Inflation: Higher inflation rates typically lead to a weakening of the national currency.

Trade Balance: The balance between exports and imports significantly impacts the UZS’s stability.

Predicting the exact trajectory of the UZS remains challenging due to these variables and their interplay with global economic trends.