Uzbekistan projects dollar exchange rate to reach 14,150 UZS by 2027

The government forecasts that the average annual exchange rate of the US dollar against the UZS will reach 14,150 UZS by 2027, while the international rating agency S&P predicts it will climb to 15,000 UZS over the same period.

Photo: KUN.UZ

On December 17, the Central Bank of Uzbekistan set the official exchange rate at 12,874 UZS per US dollar. Since the beginning of 2024, the UZS has depreciated by 4.4% against the US currency.

According to Uzbekistan’s 2025 state budget parameters, the dollar's annual average rate is expected to be:

• 13,250 UZS in 2025,
• 13,725 UZS in 2026,
• 14,150 UZS in 2027.

Meanwhile, S&P Global Ratings has provided a slightly higher projection for the UZS-dollar exchange rate over the next three years:

• 13,650 UZS by the end of 2025,
• 14,300 UZS by the end of 2026,
• 15,000 UZS by the end of 2027.

Experts emphasize that predicting the exact exchange rate of the UZS is challenging due to various influencing factors. A stable economic growth rate in Uzbekistan could slow the UZS's depreciation, while rising inflation could accelerate it. Additionally, the export-import balance in external trade plays a key role in shaping the national currency’s value.