OFFICIAL CURRENCY OF UZBEKISTAN

 

The official currency of Uzbekistan is the Uzbekistani som (UZS), abbreviated as "сўм" in Cyrillic script. Introduced in 1994 following the collapse of the Soviet Union, the som replaced the Russian ruble as the country's legal tender. Its name "som" has historical roots, derived from an ancient currency unit used in Central Asia.

The Uzbekistani som is subdivided into 100 tiyin, although tiyin denominations are rarely used in practice due to inflation and the low value of the currency. Banknotes and coins depict notable figures from Uzbekistan's history, cultural landmarks, and native flora and fauna, reflecting the country's rich heritage and natural beauty.

In the market, the value of the Uzbekistani som fluctuates based on economic conditions, government policies, and global market trends. As of recent data, the exchange rate stands around 11,000 UZS per 1 USD, indicating a relatively weaker value against major international currencies. Inflation has been a challenge for Uzbekistan's economy, impacting the purchasing power of its citizens and businesses.

Despite economic challenges, Uzbekistan has been implementing reforms to attract foreign investment and promote economic growth. The Uzbekistani som remains an essential element of the country's financial system, representing its economic sovereignty and aspirations for a prosperous future.