UZS - Uzbekistani Som

Uzbekistani Som overview

Introduced in 1994, the Som replaced the transitional ruble at a rate of 1 Som = 1,000 rubles as part of Uzbekistan’s post-Soviet economic reforms. 

The Uzbekistani Som (UZS) is managed and regulated by the Central Bank of the Republic of Uzbekistan (CBU). Established in 1991 after Uzbekistan's independence from the Soviet Union, the Central Bank is responsible for implementing monetary policy, maintaining financial stability, and ensuring the smooth functioning of the national currency.

Economically, the Som plays a vital role in facilitating domestic trade and transactions within Uzbekistan. The country’s economy is heavily reliant on agriculture, textiles, and natural resources such as cotton and gold. The currency operates under a managed exchange system, with its value fluctuating against major currencies like the USD and EUR due to global market dynamics and domestic policies.

History of the Uzbekistani Som

After gaining independence from the Soviet Union, Uzbekistan began establishing its national monetary system. The first Uzbekistani Som was issued on November 15, 1993, replacing the Soviet ruble at a 1:1 exchange rate. The term "Som," meaning "pure" in Uzbek, derives from the concept of the ruble, symbolizing the aspiration for a strong economy and stable currency.

In 1992, an experimental currency known as the Sum-Coupon was introduced to circulate alongside the ruble. This was intended to protect the domestic market and ensure social obligations were met. On July 1, 1994, the first official version of the Som was issued, with a conversion rate of 1,000 experimental Soms to 1 new Som, marking a significant milestone in Uzbekistan’s economic development.

Features and Development of the Uzbekistani Som

The Uzbekistani Som is subdivided into smaller units called “Tiyin” (1 Som equals 100 Tiyin). From its inception, Uzbekistan’s banknotes have featured the national emblem and prominent cultural landmarks. The first banknotes were printed in the UK, but later production was taken over by a printing facility in the capital, Tashkent, marking a shift towards greater self-sufficiency in currency production.

Initially, Uzbek banknotes featured text in Cyrillic script. However, since 2013, Latin script has been adopted, symbolizing Uzbekistan’s efforts toward international integration. In 2004, the Som became a convertible currency, allowing it to be exchanged for major currencies like the US dollar and the euro. Today, Som banknotes are easily exchangeable at airports, major hotels, and banks, reflecting their growing usability and recognition.

Uzbekistani Som denominations

Coins and banknotes of the Uzbekistani Som reflect the rich culture and history of Uzbekistan. Coins come in denominations of 50, 100, 200, and 500 Som, while banknotes range from 1,000 to 100,000 Som. Larger denominations, starting from 5,000 Som, showcase images and symbols highlighting Uzbekistan’s cultural and historical heritage, such as the Timurid Museum, historical sites in Samarkand, and ancient architecture in Bukhara.

• 1,000 Som: This light purple note features Uzbekistan’s national emblem on the front and the Timurid Museum on the back.

• 5,000 Som: First issued in 2013, this green note displays the national emblem on the front and the Parliament building on the back. The 2021 version introduces brown accents and replaces the front design with Sher-Dor Madrasah in Samarkand.

• 10,000 Som: Introduced in 2017 with a light blue design, it features the national emblem on the front and the Senate building in Tashkent on the back. The 2021 update adds pink and purple hues, depicting the Shosh Tepa monument.

• 50,000 Som: Released in 2017 in purple, it highlights the Ezgulik Arch at Independence Square on the front and the International Palace on the back. The 2021 version incorporates blue tones and features the Al-Hakim Mausoleum in Surkhadarya.

• 100,000 Som: The largest denomination, launched in 2019, honors astronomer Mirzo Ulughbek, a grandson of Tamerlane, reflecting admiration for Uzbekistan’s scientific heritage.

Security Features and Special Characteristics of the Uzbekistani Som

Banknotes ranging from 1,000 to 50,000 Som feature the national emblem as a watermark, along with visible denomination numerals for security. High-value banknotes, starting from 5,000 Som, have distinct color schemes that make them easily recognizable, aiding both residents and tourists in identifying their value.

The latest versions of larger denominations, issued since 2021, include an image of a camel—a symbol of the Silk Road—and tactile patterns to assist visually impaired individuals. Additionally, the new notes feature a special coating that enhances durability and demonstrates significant advancements in printing technology.

Impact of the Som on Uzbekistan's Economy and Culture

The Uzbekistani Som serves not only as a means of payment but also as a cultural and historical emblem of the nation. The designs on banknotes, depicting architectural landmarks like madrasahs, ancient fortresses, and museums, reflect the country's rich heritage and development. While Uzbekistan increasingly encourages the use of bank cards and electronic payment systems, cash remains a preferred medium for daily transactions.

The growth of the Som aligns with Uzbekistan's broader economic reform efforts, helping stabilize the currency and integrate it into the global financial system. However, maintaining the Som’s value poses challenges amidst regional and global economic fluctuations, particularly due to the influence of neighboring countries like Kazakhstan and China.