The national currency started 2025 with a slight depreciation against the US dollar, losing more than 36.5 UZS in January, according to data from the Central Bank.

In January, the UZS depreciated by 0.28%, reaching 12,957.01 UZS. Throughout the month, the dollar steadily rose, surpassing 12,990 UZS on January 23, setting a new record. However, in the final week of the month, the UZS partially regained some of its losses.

At the beginning of January, the exchange rate of the USD in certain commercial banks exceeded 13,000 UZS. The highest rate was offered by Ipoteka Bank at 13,035 UZS, while the most favorable rate was found at Anorbank, Asaka Bank, and the Business Development Bank, which offered 12,920 UZS.

By the end of 2024, the UZS had depreciated by 4.71% (or 581.78 UZS in absolute terms).

Last December, analysts discussed the factors contributing to the slowdown in the depreciation of the UZS in 2024, along with the potential risks of the national currency strengthening and the key factors that will likely influence the exchange rate in 2025. 

Based on these factors, experts predict that by the end of this year, the exchange rate of the US dollar will range between 13,340 and 14,000 UZS, with the value of the national currency being directly affected by gold sales, foreign loans and investments, the Central Bank's policies, cross-border remittances, import growth, and the overall state of the global economy.