Uzbek Currency Weakens: US Dollar Exchange Rate Hits 12,700 UZS
The national currency of Uzbekistan experienced a significant depreciation of 57.7 UZS in a single day, marking a drop of 2.87% since the beginning of the year. This news comes as the Central Bank announced the official dollar rate on Thursday, September 5, reaching the highest level seen since late May.
The U.S. dollar was valued at 12,707.95 UZS on the exchange, which reflects an increase of 57.69 UZS compared to the previous day. This weakening trend has persisted for three consecutive days, pushing the dollar above the 12,700 UZS mark for the first time in months.
Commercial banks are now selling the U.S. dollar at rates ranging between 12,700 and 12,765 UZS, with the purchase rate varying from 12,600 to 12,635 UZS. The exchange rate fluctuations highlight the ongoing challenges faced by the national currency and the impact on the economy at large.
As the UZS continues to weaken against the dollar, it is essential for policymakers and financial institutions to closely monitor the situation and implement necessary measures to stabilize the currency and mitigate the effects of the depreciation. The latest developments in the exchange rate serve as a reminder of the importance of economic stability and prudent financial management in Uzbekistan.
