Honestly, if you're standing at Tashkent International Airport right now staring at the exchange booth, take a breath. You've probably heard the horror stories about the "black market" or carrying around literally bricks of cash just to pay for a nice dinner.
That version of Uzbekistan is basically dead.
Since the massive currency liberalization started back in 2017, the USD to Uzbek som relationship has shifted from a chaotic, state-controlled mess to something that actually resembles a modern economy. But that doesn't mean it’s simple. As of mid-January 2026, the rate is hovering right around 11,970 UZS to 1 USD, though it's been bouncing between 11,950 and 12,100 lately depending on which way the wind blows in the gold markets.
Why the Uzbek Som is actually holding its own
Most people assume the som is just in a permanent nosedive. It's not. In fact, throughout 2025 and heading into 2026, the Uzbek Central Bank (CBU) has been playing a surprisingly aggressive game to keep things stable. They’ve kept the key interest rate at a whopping 14%.
Think about that.
While the Fed in the US has been debating tiny cuts, Uzbekistan is keeping the cost of borrowing high to make sure the som doesn't just evaporate. It's working, mostly. Inflation is cooling down toward their 6.5% target for late 2026, which is a huge win compared to the double-digit chaos of previous years.
The Gold Factor you won't see on a currency converter
Here is what most "tourist guides" miss: Uzbekistan is a gold powerhouse.
When you're looking at USD to Uzbek som trends, you’re actually looking at a gold proxy. About 80% of the country’s foreign exchange reserves are sitting in monetary gold. When global gold prices spiked recently—hitting those record highs near $3,400 an ounce—it gave the CBU a massive "war chest" to defend the som.
Basically, if gold is up, the som has a safety net. If gold crashes? Well, that’s when you’ll see the som start to slide toward the 12,500 mark.
Where should you actually swap your dollars?
Forget the street corners. Seriously. "Street money changers" are technically illegal and, frankly, unnecessary. You’ll get the same rate at a bank window as you will in some shady alley, minus the risk of getting a handful of counterfeit 50,000 som notes.
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- Commercial Banks: Places like Ipak Yuli or Hamkorbank are everywhere. They usually have a digital board out front with the latest rates.
- 24/7 Exchange Booths: Most big hotels in Tashkent, Samarkand, and Bukhara have these. The spread is usually fair.
- The "Old Bill" Rule: This is critical. Uzbek banks are notoriously picky. If your US dollars have a tiny tear, a pen mark, or a fold that looks too permanent, they will reject the bill. Bring "crispy" 2021 series hundreds.
The 2026 Shift: Investing in the US from Tashkent
Something pretty wild happened on January 1st of this year. For the first time, the CBU lifted the "government consent" requirement for Uzbek residents who want to invest in US companies.
Before this, if an Uzbek citizen wanted to move more than $10,000 to buy, say, Apple stock or a condo in Florida, they needed a mountain of paperwork and a literal stamp of approval. Now? The floodgates are open for capital to flow out toward the US.
This might sound like a niche business detail, but it affects you because it creates new demand for the US dollar within the country. More locals wanting dollars to invest means the USD to Uzbek som rate faces upward pressure.
Digital vs. Cash: The real-world struggle
You’ve probably seen the ads for Wise or Revolut. They work... sort of.
In Tashkent, you can use a Visa or Mastercard at most high-end restaurants and the "Korzinka" supermarkets. But the moment you step into a Chorsu Bazaar or take a taxi (even if you're using the Yandex Go app), cash is king.
Pro tip: Don't rely on ATMs in the provinces. While Tashkent is swimming in them, an ATM in Khiva might just be "out of service" for three days straight because the internet went wonky or they ran out of bills.
What to do with your leftover Som?
This is the part everyone messes up. You cannot easily trade Uzbek som back into dollars once you leave the country. Most exchange offices in New York or London will look at a 100,000 som note like it’s play money.
Spend it.
Buy the silk scarf. Buy the dried melons. Just don't get stuck with a million som at the airport gate because the airport exchange booth has a line 40 people deep.
Actionable insights for your trip or trade
- Check the CBU app: The Central Bank of Uzbekistan has an official app. Use it to see the "official" rate so you know if a hotel is trying to skim an extra 5% off you.
- Carry small USD denominations: Sometimes a taxi driver will take a $5 bill if you’re out of som, but they won't have change for a $100.
- Watch the 14% rate: If the CBU starts cutting interest rates mid-2026, expect the som to weaken. That's your signal to exchange your dollars sooner rather than later.
The economy here is growing at about 6% a year, which is faster than almost anywhere in Europe or the rest of the CIS. It's a "frontier market" that is rapidly becoming a "merged market." Just keep your bills crisp and your gold prices bookmarked.
Next Steps for You:
Check the current daily fixing on the Central Bank of Uzbekistan's official portal before you head to the teller. If you're planning a business transfer, look into the new 2026 capital flow regulations to see if you qualify for the higher transfer limits without prior authorization.