Uzbekistan’s Soum Devalues Against US Dollar Over Past Decade
The Uzbek soum has experienced a significant decrease in value against the US dollar over the past decade, making it one of the most devalued currencies in the world. According to a rating by the capital management company Creative Planning, the Uzbek soum has weakened by 82.3% compared to the dollar, ranking it eighth among national currencies that have depreciated the most.
This performance marks the worst among post-Soviet states’ currencies, with other currencies such as the Ukrainian hryvnia, the Kazakh tenge, the Russian ruble, the Tajik somoni, and the Kyrgyz som also experiencing substantial decreases in value against the dollar.
In contrast, the Turkmen manat emerged as the most stable currency in Central Asia, with only an 18.4% depreciation. The Armenian dram and the Swiss franc are the only two currencies that have appreciated against the dollar in the last decade.
The ranking also highlights the Venezuelan bolivar as the most devalued currency, with nearly a 100% devaluation over the decade. Other currencies with substantial depreciation include the Syrian pound, the Argentine peso, the Turkish lira, and the Surinamese dollar.
This data underscores the economic challenges and volatility in currency markets, emphasizing the significant loss in value of the Uzbek soum compared to the US dollar over the past ten years.
