Uzbekistan’s population sells $18.9 billion in foreign currency to banks in nine months

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Individuals in Uzbekistan sold $18.9 billion worth of foreign currency to commercial banks in January–September 2026, up 23.5% from the $15.3 billion recorded in the same period last year. Over the same period, purchases of foreign currency by individuals reached $11 billion, leaving a net surplus of $7.9 billion.

Photo: Getty images

Uzbekistan’s population sells $18.9 billion in foreign currency to banks in nine months — Photo: Getty images

The Central Bank said the positive balance of individuals’ foreign currency transactions provides an additional source of supply on the domestic foreign exchange market.

Currency sales by individuals have increased for the third consecutive year. They amounted to $11.8 billion in January–September 2024, $15.3 billion in 2025 and $18.9 billion in 2026.

Foreign currency purchases have also risen, from $6.9 billion in 2024 to $8.6 billion in 2025 and $11 billion in 2026. However, sales continue to substantially exceed purchases. The resulting surplus grew from $4.9 billion in 2024 to $6.7 billion in 2025 and $7.9 billion in 2026.

Individuals accounted for $18.9 billion of the $43.8 billion in total foreign currency supply on the domestic market, excluding Central Bank operations. Legal entities and commercial banks contributed $22.8 billion, while international financial institutions and foreign direct investment accounted for another $2.2 billion.

On the demand side, which totaled $50.4 billion, individuals accounted for $11 billion and legal entities for $39.4 billion.

Overall, foreign currency supply on the domestic market increased by 25.3% in the first nine months of 2026 compared with the same period last year, while demand rose by 17.9%. The country also received $15.2 billion in international money transfers during the period.

The soum traded within a range of UZS 11,765–12,320 per US dollar between January and September. At the end of September, the exchange rate stood at UZS 11,821 per dollar, representing a 1.5% appreciation since the beginning of the year.