Money is a weird thing. You think you understand it until you land in Tashkent and realize your $100 bill just turned into a massive stack of 1.2 million Uzbekistani som. It's enough to make you feel like a secret millionaire, at least until you try to pay for a high-end dinner or a carpet in Samarkand. Honestly, the dollar to uzbek som exchange is one of those things that looks straightforward on a Google Finance chart but feels totally different when you’re actually standing at a bank counter on Amir Timur Avenue.
Right now, as we move through January 2026, the rate is hovering around 11,980 to 12,000 UZS for every 1 US dollar. It’s been surprisingly stable lately. If you look back a few years, the som was on a steady slide downward, but things have shifted. The Central Bank of Uzbekistan has been playing a much tighter game, keeping their key interest rate at 14% to stop the currency from spinning out of control.
People always ask: "Should I wait to exchange my money?" Or, "Is the som going to crash again?" The short answer is that the days of the wild "black market" are over. You don’t need to meet a guy behind a bazaar to get a fair rate anymore.
Why the dollar to uzbek som rate is actually behaving itself
For a long time, Uzbekistan had this two-tier system where the official rate was fake and the street rate was real. That’s dead. Since the big reforms started, the som has become a lot more "normal." But why is it holding steady at 12,000-ish when most people expected it to be much weaker by now?
Gold. That’s the big secret.
Uzbekistan is one of the world's top gold producers. When global uncertainty pushes gold prices up—which is exactly what's happening in early 2026—the Uzbek Central Bank gets a massive buffer. They have record-breaking reserves right now, somewhere north of $65 billion. That gold basically acts as a bodyguard for the som. Whenever the dollar to uzbek som rate starts to look shaky, that gold-backed stability kicks in.
👉 See also: Converting 57000 USD to PHP: What You Actually Get After Fees and Inflation
Then there’s the inflation factor. The government is obsessed with getting inflation down to 7% this year. They’re being stingy with the money supply, which makes the som scarcer and, therefore, more valuable. If you're holding dollars, you might notice that your purchasing power isn't growing as fast as it used to because the local prices are stabilizing along with the currency.
Real-world exchange tips for 2026
If you’re traveling or doing business, forget the old advice about bringing only $100 bills. While large, crisp bills still get you the best treatment, most modern ATMs in Tashkent, Bukhara, and Samarkand now work with Visa and Mastercard without a hitch.
- ATMs vs. Banks: Most ATMs dispense som directly. Some "luxury" hotel ATMs (like the Hyatt or Hilton) occasionally spit out USD, but it's rare.
- The "Crisp Bill" Rule: This isn't a myth. If your $20 bill has a tiny tear or a stray ink mark, a bank teller might actually reject it. They are incredibly picky about the physical condition of US currency.
- Apps are king: Local apps like Payme or Click allow you to link a local card and exchange currency digitally at rates that are often better than the airport booths.
What to expect for the rest of 2026
Most experts, including those at the Eurasian Development Bank, think we might see a slight "correction" later this year. We're looking at a possible move toward 12,800 UZS per dollar by the time December rolls around. It’s not a collapse; it’s more like a slow, controlled exhale.
The IMF is still calling Uzbekistan one of the fastest-growing economies in the region, with GDP growth expected to hit 6% this year. That kind of growth usually puts pressure on a currency, but again, the high price of gold and copper exports is acting like a stabilizer.
You've also got to consider remittances. Billions of dollars flow back into Uzbekistan from workers abroad, mostly in dollars or rubles. When those workers send home more dollars, it actually helps keep the som from devaluing too quickly because there's a constant fresh supply of greenbacks entering the local economy.
Dealing with the "Millionaire" Math
It takes a minute for your brain to adjust to the zeros. Basically, just remember that 100,000 som is roughly $8.30.
If someone asks for 1,000,000 som, don't panic. You're just paying about $83.
It’s easy to get lost in the numbers, but the reality of the dollar to uzbek som situation in 2026 is one of managed stability. The government wants to join the World Trade Organization (WTO), and they know that having a volatile, unpredictable currency is the fastest way to get their application tossed out. They are doing everything they can to keep the som's movements boring.
Your next steps for managing currency in Uzbekistan
If you are planning to move a significant amount of money or just visiting for a few weeks, don't bother with the airport exchange unless you absolutely need taxi money. Use a bank in the city center; they are fast, official, and the spread (the difference between buying and selling) is usually very thin.
Practical Action Plan:
- Check the CBU rate: Before any big transaction, look at the Central Bank of Uzbekistan (cbu.uz) official daily rate. It's the "North Star" for all legal exchanges.
- Inspect your cash: Look at your US dollars under a light. Any marks? Leave them at home.
- Use local cards: If you're staying more than a month, get a local UzCard or Humo card. You can transfer money via services like Wise or Revolut and convert it to som instantly at better rates than physical cash exchange.
- Monitor gold prices: If you see gold prices dropping globally, expect the som to weaken slightly against the dollar a few weeks later.
The market is much more transparent than it used to be. You're not going to get "scammed" at an official exchange office, but you will get a better deal if you understand that the som is currently being propped up by high interest rates and a mountain of gold.