The Uzbek som depreciated against the dollar in March
According to official data published by the Central Bank of the Republic of Uzbekistan, the national currency — the som — depreciated against the US dollar during the month of March this year. This was reported by Zamin.uz.
Analyses show that the value of one US dollar increased by 74.14 som over the past month. This change occurred as a result of the interaction of external and internal factors in our country's economy.
The position of the US dollar is strengthening in international financial markets. In particular, the strict monetary policy pursued by the US Federal Reserve System is exerting a certain level of pressure on the currency markets of developing countries, including Uzbekistan.
Uncertainties in the global economic situation are increasing the demand from investors and market participants for safe assets, i.e., the dollar. There are also other factors affecting the exchange rate in the domestic market.
The growth in import volume in the first quarter of the year, payments on external obligations, and the activation of seasonal demand have strengthened the need for foreign currency in the domestic market. Since a floating exchange rate regime is in effect in the Uzbek economy, the value of the national currency is formed freely based on market mechanisms, namely the ratio of supply and demand.
Central Bank specialists are constantly monitoring this process. The changes in the currency market do not pose a serious threat to economic stability, and all necessary measures are being taken to maintain the rates of economic growth.
In the future, it is expected that the formation of the exchange rate will continue in accordance with global economic trends and the domestic market environment. Citizens and business entities are advised to monitor changes in the currency market and take these factors into account when making financial decisions.
