UZS depreciates by 4.47% against US dollar in 2024
The UZS depreciated by 4.47% against the US dollar in 2024, marking a slower pace of devaluation compared to the previous year. According to data from the Central Bank of Uzbekistan, the exchange rate at the end of 2023 was 12,352 UZS per USD, which increased to 12,904 UZS per USD by the end of 2024. This represents a devaluation of 552 UZS throughout the year.
Photo: Kun.uz
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.
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