According to data from the Central Bank of the Republic of Uzbekistan, the demand for foreign currency from legal entities and private individuals in Uzbekistan reached 38.2 billion US dollars for the period from January to July 2026. This figure demonstrates a 17.7% increase compared to the same period in 2025, when the volume was 32.5 billion US dollars.
In the structure of the total demand, legal entities accounted for 30 billion dollars, and private individuals accounted for 8.2 billion dollars.
Concurrently, the total supply of foreign currency increased by 7.2 billion dollars, representing a 28% growth. During the reporting period, the supply reached 33 billion dollars, compared to 25.8 billion dollars a year earlier. Meanwhile, private individuals sold 14.6 billion dollars to commercial banks, and legal entities sold 18.4 billion dollars.
The exchange rate during the period from January to July 2026 fluctuated between 11,910 and 12,320 soms per one US dollar. By the end of the reporting period, the national currency strengthened against the US dollar by approximately 0.4%.
The average bilateral exchange rate volatility was 32 soms, or 0.27%, which is higher than the indicator of 28.2 soms, or 0.22%, for the period from January to July 2025.
According to the Central Bank data, average rates for bank deposits in national currency increased to 17.6% per annum in June, up from 17.1% in May. This was the first increase since February. Nevertheless, the nominal yield on sum deposits remains 2.2 percentage points below the level of June last year, when the average rate was 19.7%.
The most noticeable growth over the month was seen in deposit rates for terms up to one year, which rose from 14.7% to 15.4%. However, compared to June 2025, these rates decreased by 3.4 points. The average yield on deposits held for more than one year remained almost unchanged at 18.1% per annum, which is 1.8 points lower than last year's figure.
The average rate on sum deposits for individuals continued its downward trend, reaching 19.2% per annum in June—the lowest level since March 2021. Over the last month, this indicator decreased by 0.4 points, and over the year—by 2.1 points. The largest drop was recorded among short-term population deposits: rates on deposits up to one year fell from 17.4% to 16.6% per annum, which is 3.9 points less than in June of the previous year. Regarding long-term population deposits, banks offered an average of 19.6% per annum, compared to 19.9% in May and 21.5% a year earlier.
The average rate on sum deposits for legal entities slightly increased in June, reaching 15.3% per annum compared to 15.2% in May. However, compared to June last year, there was a decrease of 2.6 points. The yield on corporate deposits for terms up to one year increased to 14.8% from 14.3% in May; a year earlier, the average rate was 18%. Conversely, rates on long-term business deposits decreased from 15.9% to 15.5% per annum, which is 2.3 points less than in June 2025.
Average rates on foreign currency deposits in June fell to 4.5% per annum after a sharp rise to 5.5% in May. Year-on-year, this indicator remained almost unchanged, as it was 4.6% in June last year. The decrease was mainly due to short-term foreign currency deposits, whose average yield dropped from 5.4% to 3% per annum. Rates on deposits for periods over one year decreased less noticeably—from 5.7% to 5.5%, but remained 0.7 points higher than in June 2025.
For the population, the average yield on foreign currency deposits was 5.3%, virtually unchanged over the month, although it rose by 0.5 points compared to June last year. Short-term foreign currency deposits for individuals fell to 2.7%, while long-term ones rose to 5.7% per annum. The average yield on foreign currency deposits for legal entities decreased from 5.6% in May to 3.8% in June, which is 0.5 points lower than the June figure last year. For short-term business foreign currency deposits, rates fell from 5.5% to 3.1%, and for long-term ones—from 6.3% to 4.9% per annum.
The real yield on population's sum deposits, calculated as the nominal rate minus inflation expectations, was 8.3% in June. This figure was 0.4 percentage points lower than the May level but exceeded the June figure last year by 1.1 points. For legal entities, the real rate in June rose to 4.9% from 4.7% in May, but compared to June 2025, it decreased by 0.5 percentage points.
Thus, despite the fall in the nominal yield on population deposits, their real yield is still higher than a year ago. The situation is the opposite for businesses: the indicator recovered slightly over the month but still lags behind the level from a year ago. Previously, the Institute of Fiscal Analysis at the Ministry of Economy and Finance proposed introducing a tax on interest income for individuals from bank deposits at a rate of 5%. According to the developers of this initiative, such a measure could bring about 1.4 trillion UZS annually to the budget. However, economists warn that this proposal could undermine confidence in the banking system, reduce citizens' interest in saving in sums, and stimulate the transfer of some funds into foreign currency, gold, or real estate, calling into question the stated budget revenue.
