Central Bank Deputy Chair Nodirbek Achilov spoke at an open discussion on February 26 regarding currency market dynamics and the som exchange rate. He explained that the som's appreciation in 2025 was due to increased currency flows and supply growing faster than demand, emphasizing that this exchange rate dynamic "is not a tragedy".

According to Achilov, while som appreciation has been challenging for exporters, many economic agents benefited at the macro level. For instance, import payments, foreign currency loans, and external debt servicing became cheaper. Sectors like transport and railways, where export revenues are two to three times lower than import costs, gained.

He also highlighted positive effects of som appreciation, including reduced inflationary expectations, lower exchange rate markups by entrepreneurs, and increased deposits in the national currency. Savings in som at banks grew by 44% compared to early 2025.

Achilov stressed the need for exchange rate stability to boost confidence in the som. He noted that despite exporters' som-denominated revenues decreasing, the average exchange rate rose by only 78 soms.

Source: www.gazeta.uz