Uzbekistani sum

The sum (ISO code: UZS) is the official currency of Uzbekistan. Uzbekistan replaced the ruble with the sum at par on 16 July 1994. No subdivisions of this sum were initially issued and only banknotes were produced, in denominations of 1, 3, 5, 10, 25, 50, 100, 200, 500, 1,000, 5,000, and 10,000 sum. Further series, however, have introduced coins and a subunit, the tiyin. Because it was meant to be a transitional currency, the original design used during the first years of the republic was rather simplistic.

Etymology

The official name of the Soviet currency in the Kazakh, Kyrgyz, Tajik, and Uzbek languages was the som, and this name appeared written on the back of banknotes, among the texts for the value of the note in all 15 official languages of the USSR. This word translates as 'pure' in several Turkic languages, and is derived from the Proto-Turkic *som, meaning 'pure' or 'solid'. The word implies pure silver or gold.

First sum

History

Like other republics of the former Soviet Union, Uzbekistan continued using the Soviet/Russian ruble after independence. On 26 July 1993, a new series of Russian ruble was issued and the old Soviet/Russian ruble ceased to be legal tender in Russia. Some successor states had their national currencies before the change, some chose to continue using the pre-1993 Soviet/Russian ruble, and some chose to use both the pre-1993 and the new Russian ruble. Tables of modern monetary history: Asia implies that both old and new rubles were used in Uzbekistan.

Uzbekistan replaced the ruble with the sum at par in on 15 November 1993. No subdivisions of this sum were issued and only banknotes were produced, in denominations of 1, 3, 5, 10, 25, 50, 100, 200, 500, 1,000, 5,000, and 10,000sum. Because it was meant to be a transitional currency, the design was rather simplistic. All notes had the Coat of arms on the obverse, and Sher-Dor Madrasah of the Registan in Samarkand on the reverse.

Coins

No coins were issued for the first sum.

Banknotes

The first banknotes were issued by the State Bank of Uzbekistan in 1993. All of the denominations share the same designs: the Coat of arms of Uzbekistan on the front and the madrasahs on Registan Square in Samarkand.

Second sum

History

On 1 July 1994, a second sum was introduced at a rate of 1 newsum = 1,000 oldsum. This sum is subdivided into 100 tiyin.

Inflation

Until 2013, the largest denomination of Uzbek currency was the 1,000-sum banknote, then worth US$0.60, requiring Uzbeks to carry large bundles of notes for routine transactions.

Back in 2019, a new largest denomination was issued, the 100,000-sum banknote (as of October 2019 worth US$10.55), which made the situation easier. The smallest denomination, the 1 tiyin, is worth less than 1⁄9400 of a US cent making it the "world's most worthless coin" that was still legal tender until 1 March 2020. However, coins and banknotes smaller than 50sum are rare now.

The rampant inflation situation is considered a politically sensitive issue in Uzbekistan, which is why the Uzbek government is slow to acclimate the currency to its current value by issuing higher coin and note denominations. As a result, the current highest coin denomination in circulation is the 1000sum while the highest banknote denomination is the 200,000sum. Official state figures put inflation as of the first half of 2011 at 3.6%, however accurate numbers are pinned far higher. Coins and banknotes below 50sum are practically worthless now.

As of December 2025, the annual inflation rate in Uzbekistan is 7.3%. This marks the lowest inflation rate since December 2016. The Central Bank of Uzbekistan has noted that the slowdown is primarily attributed to the stabilizing effects of the 2024 energy price liberalization.

Coins

Three series of coins have been issued for the second sum. They can be easily distinguished by the script used for the Uzbek language. The first series was written in Cyrillic script, while the second and third series is written in Latin script.

First series (1994–2000)

Second series (2000–2004)

Third series (2018–2022)

In May 2018 the introduction of new coins valued 50, 100, 200 and 500sum was announced. All previously issued banknotes and coins of those denominations were to be withdrawn from circulation by 1 July 2020. In December 2022, the Central Bank of the Republic of Uzbekistan introduced a 1,000 sum coin into circulation, notable as it is the first bi-metallic coin issued for circulation since the introduction of the Uzbek sum in 1994.

Banknotes

The second and current series, issued by the Central Bank of the Republic of Uzbekistan, was released in 1994 in denominations of 1, 3, 5, 10, 25, 50, and 100sum. A 200sum banknote was issued in 1997, the 500sum in 1999, the 1,000sum in 2001, the 5,000sum in 2013, the 10,000sum on 10 March 2017, the 50,000sum on 22 August 2017 and the 100,000sum on 25 February 2019. The latter four denominations feature inscriptions in Latin-based Uzbek as opposed to Uzbek Cyrillic in banknotes of 1 to 1,000 Uzbeksum. On 14 June 2021, the Central Bank of the Republic of Uzbekistan issued the 2,000 and 20,000sum banknotes to help bridge the gap between 1,000 and 5,000sum as well as 10,000 and 50,000sum. On 18 June 2021, the Central Bank of the Republic of Uzbekistan issued new 5,000 and 10,000sum banknotes, utilizing the design templates of the 2,000 and 20,000sum banknotes. In that same year, the Central Bank of the Republic of Uzbekistan issued new 50,000 and 100,000sum banknotes as part of a new series of banknotes first introduced with the 2,000 and 20,000sum banknotes. An entirely new 200,000sum banknote was issued on 15 July 2022.

Exchange rates

At its introduction on 1 July 1994, 1 US dollar was equal to 25sum.

2017 reform

On 2 September 2017, President of Uzbekistan Shavkat Mirziyoyev issued a decree "On priority measures of liberalizing foreign exchange policy". The reform took effect on 5 September 2017. The currency was untethered from its US dollar peg and started to float. As a result the sum's exchange rate to the US dollar increased from 4,210 Uzbeksum to 8,100 Uzbeksum. The new rate was even weaker than the sum's black-market convertibility of about 7,700 to the dollar. Restrictions on the amount of foreign currencies individuals and companies could buy were also abolished on the same day.

From February 1, 2018 to February 1, 2025 the exchange rate for the US Dollar rose from 8175 to 12957 Sum (UZS) per USD. This corresponded to an era of Uzbek double digit inflation. However, by February 1, 2026 the rate had dipped to 12199.

See also

• Economy of Uzbekistan
• Kyrgyz som

Earlier currencies

• Bukharan tenga
• Kokand tenga
• Khwarazmi tenga

Notes

Sources

• Krause, Chester L.; Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901–Present. Colin R. Bruce II (senior editor) (31sted.). Krause Publications. ISBN0873495934.
• Cuhaj, George S., ed. (2005). Standard Catalog of World Paper Money: Modern Issues 1961-Date (11thed.). Krause Publications. ISBN0-89689-160-7.

External links