Tashkent, Uzbekistan (UzDaily.com) — In 2024, the Central Bank of Uzbekistan carried out foreign exchange interventions totaling US$7.6 billion, Director of the Monetary Operations Department Alimardon Adilov announced during a media dialogue on 12 February.

The highest volume of interventions was recorded in the first quarter, reaching US$3.5 billion. This figure declined to US$1.6 billion in the second quarter, US$500 million in the third, and rebounded to US$2 billion in the fourth quarter.

Compared to 2023, the total volume of foreign exchange interventions decreased by more than 6%, falling from US$8.1 billion to US$7.6 billion.

At the beginning of 2024, interventions were higher than in the following periods due to increased demand for foreign currency in January and February. “A similar trend was observed in 2023,” the regulator’s representative explained.

According to him, the heightened demand for foreign currency in the first months of 2024 accelerated the depreciation of the Uzbek soum. Between January and March, the US dollar appreciated by 2.27%, surpassing 12,620 soums. Overall, the national currency depreciated by 4.71% against the dollar in 2024—half the rate recorded in 2023.

However, other factors, such as export revenues and remittances, later contributed to an increase in foreign currency supply in the market, slowing the pace of devaluation. As a result, the Central Bank reduced the volume of interventions.

The Central Bank’s foreign exchange intervention policy follows the principle of “reserve neutrality,” ensuring that net foreign currency sales do not exceed the volume of monetary gold purchased during the year. In 2024, Uzbekistan’s gold exports amounted to US$7.48 billion, marking an 8.3% decline compared to the previous year.