The volume of sterilization operations by the Central Bank of Uzbekistan in the domestic foreign exchange market decreased to 12% in 2025. Deputy Chairman Nodirbek Achilov announced this on February 26 during an open discussion on currency market dynamics and som exchange rate formation.

He stated that the regulator's influence on exchange rate formation is steadily declining. "The share of our operations is gradually decreasing because market growth rates are forming higher than our operation growth rates. The volume of operations needed to inject money into the economy accounted for 12% of the total market volume. In previous years, this indicator was 16–19%," Achilov said.

In 2025, currency supply in the domestic market increased by 30% compared to 2024, while demand grew by 25%. Currency sales by individuals played a significant role. Currency flow rose by 30%, with $18.9 billion entering the country through international remittances.

The central bank expects a further reduction in its market share of operations in 2026. "The central bank is not an instrument or institution that determines the exchange rate. The institutions determining the rate in the market are legal and natural persons, dealers, commercial banks," Achilov emphasized.

Source: www.gazeta.uz