Uzbek Soum Holds Steady Against US Dollar Amidst Inflation Concerns

The Uzbek soum's exchange rate against the US dollar has remained largely unchanged since the beginning of this year. According to data from Alpari analyst Anna Bodrova, as of July 30th, the market exchange rate stood at 12,005 soums per dollar.

Over the week, the national currency depreciated by 0.29%, whereas a week earlier it had strengthened by 0.56%. Overall in July, the soum fell by 0.69% against the US currency.

The Central Bank's decision to maintain its main rate at 14% reflects its cautious approach amidst annual inflation of 6.4% and core inflation of 5.7%, Bodrova noted. High real interest rates continue to restrain domestic demand, making savings in the national currency more attractive.