Obverse
Reverse
Edge
Plain
Categories
| Animal> Bird |
| Mythology> Fantastic animal |
| Building> Museum |
| Symbol> Sun |
| Symbols> Coat of Arms |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2022 | — | — |
Historical background
In 2022, Uzbekistan's currency situation was defined by a historic and decisive shift towards a fully liberalized exchange rate. Following years of a tightly managed peg and a complex multi-tier system, the Central Bank of Uzbekistan (CBU) announced a major reform in June, allowing the Uzbek som (UZS) to float freely based on market supply and demand. This move was the culmination of a gradual liberalization process begun in 2017 and was aimed at eliminating the black-market premium, attracting foreign investment, and unifying the official and parallel exchange rates. The immediate effect was a significant one-time devaluation, with the som weakening from around 10,700 to over 11,200 per US dollar.
The liberalization succeeded in its primary goal of unifying the exchange rates, effectively closing the gap with the previously active parallel market. This brought greater transparency and reduced currency-related corruption. However, it also introduced new challenges, primarily in the form of heightened volatility and persistent inflationary pressure. The som continued to depreciate throughout the year, crossing 11,300 per USD by December, driven by strong consumer demand for imports, limited foreign currency inflows from exports (dominated by commodities like gold and cotton), and the broader global economic uncertainty following Russia's invasion of Ukraine, which impacted remittance flows.
The CBU's response in 2022 was largely one of non-intervention in the forex market, adhering to the new floating regime, though it did utilize interest rate policy to manage domestic economic conditions. Inflation remained a critical concern for households, eroding purchasing power as the weaker som made imported goods more expensive. Overall, 2022 was a transformative year, marking Uzbekistan's commitment to a market-determined currency as a foundational step for deeper economic integration, albeit while navigating the short-term pains of volatility and inflation in a challenging global environment.
The liberalization succeeded in its primary goal of unifying the exchange rates, effectively closing the gap with the previously active parallel market. This brought greater transparency and reduced currency-related corruption. However, it also introduced new challenges, primarily in the form of heightened volatility and persistent inflationary pressure. The som continued to depreciate throughout the year, crossing 11,300 per USD by December, driven by strong consumer demand for imports, limited foreign currency inflows from exports (dominated by commodities like gold and cotton), and the broader global economic uncertainty following Russia's invasion of Ukraine, which impacted remittance flows.
The CBU's response in 2022 was largely one of non-intervention in the forex market, adhering to the new floating regime, though it did utilize interest rate policy to manage domestic economic conditions. Inflation remained a critical concern for households, eroding purchasing power as the weaker som made imported goods more expensive. Overall, 2022 was a transformative year, marking Uzbekistan's commitment to a market-determined currency as a foundational step for deeper economic integration, albeit while navigating the short-term pains of volatility and inflation in a challenging global environment.
🌱 Common