Uzbekistan Exchange Rate

Uzbekistan’s official exchange rate has risen dramatically from a trough of 29.77 in 1995 to an all‑time peak of 13,116.62 in 2025, placing the country sixth globally among 19‑year observations. This escalation reflects a prolonged depreciation of the national currency, driven by a combination of fiscal deficits, modest export diversification and external debt servicing pressures that have outpaced foreign‑exchange inflows. Compared with peer economies, Indonesia’s rate of 16,009.08 and Paraguay’s 7,703.33 illustrate that Uzbekistan’s depreciation is more severe than many middle‑income markets yet less extreme than the Lao PDR’s 23,197.24, underscoring regional heterogeneity in monetary stability. The persistent weakening suggests limited success in curbing inflationary expectations and attracting stable capital flows. Should structural reforms improve fiscal balances and broaden export bases, the trajectory could moderate, potentially stabilising the exchange rate and narrowing the gap with peers.