So, you’re looking at the 1 USD to UZS exchange rate today and seeing something around 11,975 UZS. If you’ve been tracking the Uzbekistani Som for a while, that number probably looks a bit weird. It feels "too low," right? Usually, the story of the Som is one of constant sliding, where every year it loses a little more ground to the greenback. But 2026 is turning out to be a bit of a curveball.
Honestly, the Som is having a moment.
While the official government budgets for 2026 were originally eyeing an average rate closer to 13,725 UZS, the reality on the ground in mid-January is much tighter. We are seeing a currency that is actually holding its breath—and its value—way better than the experts predicted back in 2024. If you're traveling to Tashkent or trying to settle a business invoice, understanding why the Som isn't cratering is basically the difference between making a smart move and overpaying.
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Why the Som isn't acting normal right now
Usually, emerging market currencies like the UZS follow a predictable script: high inflation leads to a weaker currency. But Uzbekistan is currently benefiting from what economists call "the gold hedge."
See, Uzbekistan is a gold powerhouse. When global tensions spike or the US dollar feels a bit shaky, gold prices go through the roof. Since a massive chunk of Uzbekistan's exports—nearly 40% when you factor in other metals—is tied to these commodities, the Central Bank is sitting on a mountain of reserves. We're talking about roughly $66.3 billion in foreign exchange reserves as of January 2026.
That’s a lot of padding.
It allows the Central Bank of Uzbekistan (CBU) to keep the 1 USD to UZS exchange rate stable even when the neighbors are struggling. While the Russian Ruble or the Kazakh Tenge might be bouncing around like a ping-pong ball, the Som has been relatively chill. In fact, over the last twelve months, the Som has actually strengthened by about 7%. That is wild for a currency that people used to carry around in literal sacks of cash just a decade ago.
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The Inflation Factor
Inflation in Uzbekistan is finally cooling off. It’s expected to hit about 7% this year, down from the double digits we saw not too long ago.
- Tight Money: The Central Bank is keeping interest rates high, around 14%. This makes holding Soms more attractive than it used to be.
- Remittances: Money sent home from workers abroad (mostly in Russia and Europe) is still flowing in. We saw a 32% jump in these transfers recently, which keeps the domestic market flooded with foreign currency.
- Foreign Investment: Companies aren't just looking at Uzbekistan; they’re actually building stuff. Solar plants, copper mines, and tech hubs are drawing in real dollars.
What to expect if you're exchanging money
If you’re standing at a NBU (National Bank of Uzbekistan) booth or using an app like Hamkorbank, don’t expect to get exactly the mid-market rate you see on Google. The 1 USD to UZS exchange rate for a retail customer is always going to have a spread.
Basically, the bank needs to make its cut.
If the official rate is 11,975, you might find yourself buying dollars at 12,050 or selling them at 11,900. It's a bit of a gap, but compared to the "black market" days of 2017, it’s incredibly transparent. Most people now just use their Visa or Mastercard at local ATMs. You get a decent rate, though your home bank might hit you with a 3% "foreign transaction fee."
Pro tip: If you're in Tashkent, use the "Kapitalbank" or "Humo" apps. They often have better internal conversion rates than the physical exchange windows.
The 2026-2027 Outlook: Will it stay this way?
Don't get too comfortable with the Som being "strong." Most big-name analysts, including those at S&P Global and ING, think this is a temporary peak. They are still forecasting a "correction."
The logic is simple: Uzbekistan is growing fast. When a country grows at 6.6% GDP, it buys a lot of stuff from abroad. It buys machinery, it buys cars, it buys tech. All those imports require dollars. As the demand for imports stays high, the Som will eventually have to give some ground.
S&P is still whispering about the rate hitting 14,300 UZS by the end of the year. That’s a big jump from where we are today.
Real-world impact on your wallet
What does the 1 USD to UZS exchange rate actually buy you in Tashkent right now?
Let's look at a few examples. A high-end "Plov" (the national rice dish) at the famous Central Asian Plov Centre might cost you around 40,000 UZS. At today's rate, that’s about $3.34. A ride on the Tashkent Metro—which is honestly one of the most beautiful in the world—is basically pocket change, costing less than $0.20.
If you're a digital nomad or an expat, these rates are a dream. But for locals, the exchange rate is a constant anxiety. Even though the Som is stable now, most people still keep their life savings in US dollars tucked under a mattress or in a "valyuta" account. It's a hard habit to break after thirty years of devaluation.
Actionable Insights for 2026
If you're dealing with the Som this year, here is how you should play it:
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- Don't hoard Soms: Even with the current strength, the long-term trend is still downward. If you have extra local currency, spend it or convert it back to USD/EUR before the end of the year.
- Watch the Gold Price: If you see gold prices dropping globally, expect the Som to weaken shortly after. They are linked at the hip.
- Use Digital Transfers: Services like Taksy or Paysend often offer better rates for sending money into Uzbekistan than traditional bank wires.
- Negotiate in Soms, but think in Dollars: If you're renting an apartment in Tashkent, the landlord will likely quote you a price in "y.e." (conditional units, which is code for USD). Always try to lock in the rate in Soms if you think the dollar is going to climb later in the year.
The 1 USD to UZS exchange rate is more than just a number on a screen; it’s a reflection of a country trying to move from a closed, "old-school" economy to a modern, global player. It’s messy, it’s unpredictable, and right now, it’s surprisingly resilient. Keep an eye on the Central Bank’s weekly announcements—they usually drop on Thursdays—to see which way the wind is blowing.