The Uzbek national currency, the sum, concluded March with a devaluation of 0.31 percent. According to the official exchange rate, the dollar strengthened against the sum by 38.53 units, rising from 12,172.18 to 12,210.13 sum. Throughout the month, out of 19 trading sessions, the dollar appreciated in 12 instances, while the sum gained value in 7 cases. The minimum dollar rate in March was recorded on March 16 at 12,081.63 sum, with the peak reaching 12,210.71 sum by March 31.

Changes were also observed in bank currency operations. At the end of February, banks purchased dollars at 12,080 sum and sold to the public starting from 12,130 sum, whereas by March 30, the purchase rate was 12,150 sum and the selling rate began at 12,200 sum. These shifts reflect the dynamics in the country's foreign exchange market.

Economist Mirkomil Kholbaev notes that the attack on Iran, which began in late February, sharply increased uncertainty in the global economy. As a result, American investors may reduce investments in other countries, and the perception of U.S. securities as a safe financial haven has led to the dollar strengthening against most currencies, including the sum. In March, out of 39 selected currencies, only the Kazakh tenge appreciated against the dollar by 3 percent, while all others depreciated or remained unchanged.

Kholbaev writes that in March, the sum depreciated by 0.3 percent, becoming one of the currencies with the least devaluation. Meanwhile, despite high oil prices, the Russian ruble depreciated by 5.1 percent over the month, which may be explained by the cessation of currency sales from the National Welfare Fund and ongoing monetary policy easing. Among major currencies, the Swiss franc lost 2.9 percent, the yen 2 percent, the euro 1.6 percent, and the pound sterling 1 percent.

The volatility of the sum's exchange rate decreased slightly in March compared to February, averaging 0.18 percent per day. This is the lowest indicator since May 2025, when the currency corridor for the sum-dollar pair was expanded. Kholbaev emphasizes that although the devaluation in March of this year was somewhat higher than the 2025 figure, it was significantly lower than in 2022–2024, indicating an improvement in currency stability.

Source: kun.uz