The Uzbek sum has been gradually depreciating against the US dollar for the fourth consecutive month, according to data from the Central Bank reviewed by Spot.
In November, the national currency weakened by 90.71 sums or 0.71% — reaching 12,865.05 sums. Throughout the month, the dollar steadily appreciated. However, in the last third of November, the American currency declined, but this week it regained some strength against the sum.
By the end of November, the Uzbek sum has depreciated by only 4.26%.
In June and July, the Uzbek sum slightly strengthened against the dollar. However, from August to October, the national currency fell by more than 210 sums.
At the same time, from January to October, consumer prices increased by 7.7%, indicating a strengthening of the real exchange rate of the sum. In conditions of a strong national currency, imports become cheaper, while exports become less attractive.
Experts interviewed by Spot believe that the strengthening of the real exchange rate of the sum in the first half of the year was temporary. Factors supporting the national currency included the issuance of eurobonds, rising gold prices, and currency interventions by the Central Bank.
Analysts expect a further acceleration of the depreciation of the Uzbek sum by the end of the year due to an increase in the foreign trade deficit and a decrease in remittances.
Previously, Spot reported that several banks raised the dollar exchange rate to 12,900 sums.