If you’re landing in Tashkent today or just trying to figure out why your wire transfer looks different than it did last summer, you’ve probably noticed something weird. Most people expect the exchange rate to just keep climbing forever. We’ve been conditioned to think the greenback only goes up. But lately, the dollar to Uzbekistan som has been playing by its own set of rules.
Honestly, the "old" Uzbekistan where you had to carry around literal bricks of cash in black plastic bags is long gone. It's 2026. The market is way more sophisticated now. But because the som has shown some surprising muscle recently, even savvy travelers and business owners are getting tripped up.
Why the Som Isn't Just Collapsing Anymore
For years, the som felt like a falling knife. You’d check the rate, look away for a week, and suddenly your dollar bought another few hundred som. Not so much anymore. As of mid-January 2026, the rate is hovering around 12,056 UZS to the dollar.
What’s wild is that a year ago, back in early 2025, we were seeing rates closer to 12,970 UZS. If you’re doing the math, that means the som has actually appreciated over the last twelve months. You don't see that often in emerging markets.
The Central Bank of Uzbekistan (CBU) has been incredibly aggressive. They hiked the policy rate to 14 percent last year to put a lid on inflation. It worked, mostly. By the end of 2025, inflation cooled down to about 7.3 percent, which is basically a miracle compared to the double-digit chaos of the late 2010s.
Gold: The Secret Weapon in the Vaults
You can't talk about the som without talking about gold. Uzbekistan sits on a mountain of it.
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As global gold prices surged past $4,500 per ounce recently, Uzbekistan’s international reserves hit a record $66.3 billion. That’s a massive cushion. When the CBU has that much gold backing them up, they don't have to worry as much about the som spiraling out of control. It gives them the "big stick" they need to stabilize the currency whenever the dollar gets too rowdy.
Realities of Exchanging Cash in 2026
Forget everything you read on a travel blog from five years ago. You do not need to find a guy in a bazaar to get a "good" rate. That's actually the fastest way to get a headache or a counterfeit bill.
Nowadays, the "official" rate and the "market" rate are basically the same thing. You’ll find 24/7 exchange kiosks at almost every major street corner in Tashkent. They’re clean, they’re fast, and they give you a receipt.
A few things to keep in mind:
- Crisp bills only. This is still a thing. If your $100 bill has a tiny tear or someone scribbled a phone number on it, the bank will either reject it or charge you a "damaged bill" fee.
- The 100-dollar rule. You get a slightly better rate for $50 and $100 bills than you do for $1s or $5s. It's not a huge difference, but if you're swapping a few thousand, it adds up.
- ATM limits. Most ATMs in Samarkand or Bukhara will let you pull out som directly using a Visa or Mastercard. Just be ready for the fees. Your home bank will hit you, and the local bank will take their cut. Usually, it's about 1% to 3% total.
What the Experts Are Predicting
The Eurasian Development Bank (EDB) recently put out a forecast suggesting the average exchange rate for 2026 might sit around 12,800 UZS.
Wait, didn't I just say it was at 12,056?
Yeah. The experts think the som might give back some of its recent gains. There’s a lot of pressure from high import demand. Uzbekistan is building everything right now—new bridges, skyscrapers in Tashkent, massive solar farms. All those materials are bought in dollars. That constant hunger for USD usually keeps the som on a slow, downward tilt over the long run.
Doing Business? Watch the "Shadow" Costs
If you’re importing goods or running a startup in Tashkent, the exchange rate is only half the story. The real killer is the "spread."
When you see a rate of 12,056 on Google, that’s the mid-market rate. If you go to a bank to buy dollars to pay a supplier, you’re probably going to pay 12,150 or more. If you're selling dollars to get som for payroll, they might only give you 11,980.
Pro tip: If you're moving large amounts, use a dedicated foreign exchange platform or negotiate directly with your bank's treasury department. Don't just accept the retail rate shown on the board at the entrance.
The Tourism Impact
If you’re a traveler, the current dollar to Uzbekistan som situation is actually pretty great. Because the som is stable, prices aren't jumping every day. You can budget for a trip and actually stick to it.
Dinner for two at a nice place like 12 Chairs or Caravan in Tashkent will still run you roughly 400,000 to 600,000 UZS. In dollar terms, that's about $33 to $50. It's not the "dirt cheap" destination it was in 2015, but it's still incredible value compared to Europe or the US.
Actionable Steps for Managing Your Money
If you have USD and need som, don't swap it all at once at the airport. The airport rates are usually the worst in the country. Swap $20 to get a taxi to your hotel, then find a bank or a kiosk in the city.
For those holding som long-term, keep an eye on the CBU’s interest rates. If they start cutting that 14 percent policy rate, the som will likely weaken. As long as the rate stays high, the som should remain relatively "expensive" compared to previous years.
Final checklist for your next transaction:
- Check the daily rate on the CBU.uz website. This is the gold standard.
- Ensure your US dollars are Series 2013 or newer. Old "small head" bills are almost impossible to exchange now.
- Use the "Kapitalbank" or "Anorbank" mobile apps if you have a local card. You can swap currencies instantly at rates that are often better than physical kiosks.
- Keep your exchange receipts if you plan on swapping a large amount of som back into dollars before you leave. Technically, you might need them to prove the source of funds.
The days of extreme volatility seem to be in the rearview mirror, but in Central Asia, things can change with one policy shift. Stay flexible and don't get married to a specific number.