Uzbekistan Sum is the official currency used in the country of Uzbekistan. The symbol of this currency is “so’m” or “sum” (as many people call it).

This currency was first introduced in 1994 on the 1st of July. It was made to replace the Soviet Ruble at a rate where 1000 rubles is equal to 1 sum.

Before now, the currency was used like coupons that governments gave to the citizens, but as time went on, the coupons transitioned to banknotes and coins.

The reason for the transition was as a result of the inflation the nation was battling with that the time which continued throughout the 1990s.

Uzbekistan has continued to do everything it can to make sure that its currency is stabilized and they are succeeding.

One of the measures they took to do so is by enacting and executing more strict policies.
Another operation they understood was engaging in currency reforms.

1000 UZS Front                                                    1000 UZS Back

2000 UZS Front                                                      2000 UZS Back

5000UZS Front (Old)                                           5000UZS Back (Old)

Central Bank of Uzbekistan Sum (UZS)

This is where the sum is given out and managed. Every commercial in the nation uses the currency for their transactions, basically.

The central bank makes sure that the finances that are required by the nation’s yearly expenditure go out as they also make sure that they don’t issue out the amount of money that will trigger inflation.

The truth is, when a country sends out a large amount of money to a nation, it makes the money lose value and the costs of goods and services will skyrocket unnecessarily. So what they do is make sure that whatever amount of money is sent out is well calculated.

Functions of Uzbekistan Central Bank

1. Implementation of Monetary Policy

The Central Bank of Uzbekistan manages the nation’s monetary policy to maintain inflation targets, stabilize the economy, and support sustainable economic growth. It employs tools like interest rate adjustments and open market operations to regulate money supply.

2. Maintenance of Currency Stability

Ensuring the stability of Uzbekistan’s national currency, the Uzbekistani Som, is very fundamental. The bank works to prevent excessive exchange rate fluctuations and guards against inflationary or deflationary pressures.

3. Overseeing of the Country’s Financial System

The Central Bank supervises and regulates financial institutions to maintain a stable and secure banking sector. It ensures compliance with banking laws, promotes transparency, and mitigates systemic risks.

4. Promotion of Financial Relevance

It fosters financial inclusion and literacy by improving access to banking services and promoting digital financial solutions, ensuring that more citizens and businesses benefit from the financial system.

5. Enhancement of Economic Development

By aligning monetary strategies with national economic goals, the bank contributes to economic growth. It facilitates credit availability for priority sectors like agriculture, industry, and infrastructure development.

Conversion Rates Uzbekistan Som/ US Dollar

UZS                             USD

1 UZS          –             0.000078USD
2 UZS         –             0.00016USD
3 UZS         –             0.00023USD
4 UZS         –             0.00031USD
5 UZS         –             0.00039USD
6 UZS         –             0.00047USD
100 UZS     –            0.0078USD

For live and daily conversion rates in different country’s currencies including Naira (Nigerian currency), visit XE.com

Uzbekistan Currency can be called som, soum and tiyin. It has been circulating among the citizens of the nation since 1994. It is the only payment method today.

Banknotes from 100. 200, 300, 400 and 500 that are currently in circulating though there are bigger banknotes. These notes are made with different colours and their historical monuments or pictures.

Uzbek sum has been a convertible currency since the year 2004. You can exchange the currency in many places in the country ranging from banks, markets, hotels, and even airports.

Another place you can exchange this currency is in the district visa registration offices in the Ministry of Internal Affairs.

US dollars are being accepted in majority of the offices where the currency is being exchanged. All exchange centres have different times for operation. It is important that you know them if you have any interest in exchanging this currency for another and vice versa.

Hotel offices for the currency exchange normally are open 24 hours a week. Some other exchange offices are open from 9 am to 4 pm at most. 

Many of them do not open on weekends and the ones that open do not show up every weekend, so you should seek proper information before taking a move.

Problem You May Face  in Wanting to Exchange the Currency

1. Insufficient Amount of National Currency in the Exchange Office
2. Long Queue in the Exchange Office
3. Sanction for Illegal Transactions in the Market

Economy of Uzbekistan Sum (UZS)

This country bases its economy on agriculture, natural resources and the manufacturing of major goods like cottons and textiles.

They also have a major food processing industry with consistent exportation of cotton and gold.

Uzbekistan government has included many economic reforms focused on getting the attention of foreign investors and improve the business environment.

Uzbekistan has reserves of natural gas, copper and uranium. It has recently been working to diversify its economy and reduce its dependence on commodities and focus more on automotive, pharmaceuticals and information technology.

Factors that can Influence Uzbekistan Currency

1. Economic Factors
2.  Performance of the Country’s overall economy and,
3. Interest Rates.