Tashkent, Uzbekistan (UzDaily.com) — As of 7 August 2025, the Uzbek soum has shown a notable appreciation. The US dollar is trading at 12,475 soums, marking a 0.84% gain for the national currency over the past week. This follows a stronger 1.43% rise the week before.

Thus, August is shaping up to be a far better month for the soum compared to July, when the national currency came under noticeable pressure. In June 2025, Uzbekistan’s Central Bank became the world’s largest gold buyer, increasing its reserves by 9 tonnes, according to the World Gold Council — marking its first purchase after four consecutive months of selling.

Despite this, Uzbekistan remains the global leader in gold sales for the year so far, having sold about 18 tonnes in the first half of 2025. Trailing Uzbekistan in June purchases were Kazakhstan’s National Bank (7 tonnes), followed by regulators from China, Türkiye, and the Czech Republic (2 tonnes each). Singapore’s Monetary Authority was the only major seller, offloading 6 tonnes in June.

Domestically, the news landscape is favorable. In Q2 2025, real estate transactions in Uzbekistan rose 9.9% year-on-year, reaching 88,100 deals. In the first half of the year, a total of 177,500 transactions were registered (+10.7%), of which 148,400 were purchase and sale agreements (+12.1%).

The growth in activity is attributed to an increase in mortgage lending, rising household incomes, and greater investment in housing. The volume of mortgage loans issued in Q2 rose 36% year-on-year to 9.43 trillion soums. Demand has shifted towards new builds, which now account for 74% of new mortgages (compared to 57% a year earlier). The share of mortgage-related deals in the total number of transactions has risen to 21.3%.

Overall, the market outlook remains favorable for the soum. In the coming week, the USD/UZS exchange rate is expected to fluctuate within the 12,400–12,750 range.

Anna Bodrova, Analyst at Alpari