As of August 20, 2026, the Uzbekistani Sum demonstrated further strengthening against the US Dollar, with the dollar exchange rate standing at 11,785 Sums. According to Alpari analyst Anna Bodrova, this means the Sum gained another 1.21% during the week compared to the previous review.
Looking at earlier periods, it is noted that a week ago the Sum weakened by 0.39%, and before that, it increased by approximately 1%. As a result, August proved to be an ambiguous month for the national currency of Uzbekistan, although the Sum managed to strengthen overall.
In 2026, the economy of Uzbekistan maintains high growth rates, and the inflation rate is gradually approaching the Central Bank's target. The regulator has kept the key rate at 14%, which supports the attractiveness of savings in the national currency.
The Sum is also supported by large international reserves, a significant portion of which is backed by gold. However, the exchange rate does not depend solely on domestic factors. The tight monetary policy of the Federal Reserve supports the dollar globally, while for the Sum, elements such as remittances, export revenues, and the trade balance are important.
Another risk factor is the suspension of gold exports, which reduces the inflow of foreign currency and increases the Sum's dependence on other external sources of foreign currency. Therefore, the choice between saving in Sums or dollars is currently largely determined by the purpose of these savings. High interest rates give instruments in Sums an advantage in current yield, whereas the dollar can help minimize currency risks in the long term.
If the Central Bank maintains a tight monetary policy and external inflows remain stable, there are currently no serious grounds for a sharp weakening of the Sum, although moderate fluctuations in the exchange rate will remain a normal part of the market. It is expected that the dollar/sum pair will trade in the range of 11,600 to 12,000 Sums during the next week of August.
