US dollar exchange rate reaches new highs

The official dollar exchange rate from the Central Bank on Monday, March 4, updated its maximum level. This is the second working day in a row with a record exchange rate.

The American currency reached the level of 12,525.01 soums. During the trading day, it increased in price by 10.56 soums, and since the beginning of the year – by 172.15 soums or 1.4%.

Today, the dollar selling rate in commercial banks varied from 12,515 to 12,570 soums. The purchase rate is in the range of 12,450 – 12,460 soums, and the highest (12,465 soums) is offered by the Business Development Bank.

On August 10, 2023, the American currency crossed the 12 thousand soums mark for the first time, showing the sharpest one-day increase in price since 2018. Over the past year, the sum depreciated against the dollar by 9.83% versus 3.75% a year earlier.

The Central Bank explained the collapse of the soum against the dollar by the devaluation of the Russian currency, which caused a reduction in export earnings and remittances from migrants. In addition, the dynamics of the Turkish lira affected the national currency.

Central Bank Chairman Mamarizo Nurmuratov linked the rise in the dollar exchange rate to pressure from increased imports. He also called the current exchange rate a real reflection of foreign trade transactions.