If you’re sitting in a Tashkent coffee shop trying to figure out why your dollar feels a little different today, you aren’t alone. Honestly, keeping track of the current USD to Uzbek som rate has become a bit of a daily ritual for anyone doing business or traveling through Central Asia lately. As of mid-January 2026, the numbers are doing some interesting gymnastics.
The Central Bank of Uzbekistan (CBU) just posted the official rate at 12,056.90 UZS per 1 US Dollar.
Now, if you’ve been watching the charts, you know that’s a slight bump from where we were yesterday. Just 24 hours ago, the rate dipped down toward 12,015. It’s been a week of zig-zags. One minute the som is strengthening because of massive gold exports hitting the books, and the next, it’s easing back as local demand for greenbacks spikes. It’s a lot to keep up with, but there’s a method to the madness.
What’s Actually Driving the Rate This Week?
Most people think the exchange rate is just a boring number on a screen, but in Uzbekistan, it’s a living story. Right now, the country is sitting on record-high foreign reserves. We’re talking over $70 billion. That is a massive safety net that the CBU is using to keep things from getting too wild.
But here is the thing.
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Even with all that gold in the vault, the som is feeling the heat from a few different directions. For one, the IMF recently pointed out that while the economy is growing fast—projected at about 6.8% for 2026—there’s a lot of "buoyant" household consumption. Basically, people are buying more stuff. When people buy more imported goods, they need more dollars. That naturally puts upward pressure on the current USD to Uzbek som rate.
Then you have the "gold factor." Uzbekistan is a gold powerhouse. In late 2025, the Navoi Mining and Metallurgical Combinat (NMMC) reported revenue hitting nearly $11 billion. When gold prices are high and production is up, the som usually finds its footing. But the CBU has to play a delicate game. If they let the som get too strong, it hurts local exporters who sell things like textiles or fruit to Russia and China. It’s a balancing act that involves a lot of behind-the-scenes math.
The Real-World Impact on Your Wallet
You’ve probably noticed that the "official" CBU rate and the rate you get at the bank window aren't exactly the same. They're close, but there's always a spread. Most commercial banks in Tashkent are currently selling dollars for somewhere between 12,100 and 12,150 UZS.
If you’re a tourist, this is actually great news. Your dollar still goes an incredibly long way. A high-end dinner in the city center might set you back 250,000 UZS, which sounds like a fortune until you realize it’s only about $20. But for locals, the story is a bit more nuanced. Inflation is still hovering around 11.5% in some areas, specifically Tashkent. Even though the currency is relatively stable compared to the chaotic drops we saw a few years ago, the price of "osh" (plov) and gas is still creeping up.
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Why the Som Isn't Crashing (And Why That Matters)
A few years ago, everyone was worried the som would just keep devaluing forever. That hasn't happened. Why? Because the "managed float" system is actually working.
The CBU isn't just letting the market go totally off the rails. They step in when things get too shaky, but they're also letting the currency breathe. It’s a much more transparent system than the old days of the "black market" exchange rates behind the bazaar. Remember those? You’d have to find a guy with a plastic bag full of cash just to get a fair deal. Thankfully, those days are mostly gone.
Now, the market is driven by:
- Remittances: Millions of Uzbeks working abroad send money home. This keeps a steady stream of foreign currency flowing into the country.
- Foreign Investment: There are now over 1,200 enterprises with Kazakh investment alone, not to mention the massive Chinese and Russian projects.
- Digital Transformation: The CBU is even researching a "Digital Som." It’s still in the early stages—working with the Swiss National Bank for research—but it shows just how serious they are about modernizing the whole financial system.
Breaking Down the Numbers: A Quick Snapshot
If you’re trying to plan a budget for this week, here’s how the current USD to Uzbek som rate looks in practice.
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If you have $100, you’re looking at roughly 1,205,690 UZS. That’s enough for a very comfortable weekend of sightseeing. If you’re looking at larger sums, say $1,000, you’re dealing with 12 million som. At that point, you’ll start to feel the "bank spread" more. Most people find that using an ATM (where the rate is usually automated and fair) is better than carrying stacks of cash to a physical exchange booth.
What to Watch Out For Next
Is the rate going to hit 13,000 soon? Honestly, probably not this month. The CBU has been very clear about their 5% inflation target by 2027. To get there, they have to keep the som from sliding too fast. They’ve held the policy rate at 14% to keep the currency attractive.
However, keep an eye on utility prices. Recent reports show that utility tariffs are a major driver of inflation expectations right now. If the cost of living jumps too high, it could trigger more demand for dollars as people look for a "safe haven" for their savings.
Actionable Tips for Navigating the UZS Market:
- Avoid the Airport Exchange: It’s a universal rule, but it applies here too. The rates at Islam Karimov International are rarely the best. Wait until you get into the city.
- Use Mobile Banking: Apps like TBC Uzbekistan or Ipak Yuli often give you a slightly better exchange rate for digital conversions than the physical teller will.
- Carry New Bills: If you are bringing physical USD, make sure they are crisp, new "blue" $100 bills. Many exchange points in Uzbekistan are still surprisingly picky about slightly worn or older series notes.
- Watch the Gold Market: Since the som is so tied to gold exports, a major drop in global gold prices often leads to a weaker som a few weeks later.
The bottom line? The current USD to Uzbek som rate is stable but active. We aren't seeing the massive 10% devaluations of the past, but we also aren't seeing a stagnant currency. It’s moving with the global market, which is exactly what a healthy, maturing economy is supposed to do. Whether you're paying a vendor in the Chorsu Bazaar or settling a corporate contract, just remember that 12,056 is the number to beat today.
If you’re doing a big transaction, it’s worth checking the CBU’s official site around 10:00 AM Tashkent time, as that’s usually when the daily adjustments are finalized. Stay sharp, and don't let the extra zeros on the bills confuse you.