Uzbekistani soʻm

Uzbekistani soʻm
	Oʻzbek soʻmi / Ўзбек сўми (in Uzbek)
	25 soʻm.
ISO 4217
Code	UZS
Denominations
Subunit
1/100	Tiyin
Plural	soʻm
Tiyin	Tiyin
Banknotes
Freq. used	200, 500, 1000, 5000, 10,000, 50,000 soʻm
Rarely used	1, 3, 5, 10, 25, 50, 100 soʻm
Coins
Freq. used	50, 100, 200, 500 soʻm
Rarely used	1, 5, 10, 25 soʻm
Demographics
User(s)	Uzbekistan
Issuance
Central bank	Central Bank of the Republic of Uzbekistan (O'zbekiston Respublikasi Markaziy Banki)
Website	www.cbu.uz
Valuation
Inflation	8.5%
Source	, 2015 est.

For earlier currencies used in Uzbekistan, see Bukharan tenga, Kokand tenga and Khwarazmi tenga.

The soʻm (Uzbek: soʻm in Latin script, сўм in Cyrillic script) is the currency of Uzbekistan in Central Asia. The ISO 4217 currency code is UZS.

Etymology

In the Soviet Union, speakers of Kazakh, Kyrgyz and Uzbek called the ruble the som, and this name appeared written on the back of banknotes, among the texts for the value of the bill in all 15 official languages of the Union. The word som (sometimes transliterated "sum" or "soum") means "pure" in Kyrgyz, Uyghur and Uzbek, as well as in many other Turkic languages. The word implies "pure gold".

History

First soʻm

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.^[1]^[2] 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^[3] implies that both old and new rubles were used in Uzbekistan.

Uzbekistan replaced the ruble with soʻm at par in on November 15, 1993.^[3] No subdivisions of this som were issued and only banknotes were produced, in denominations of 1, 3, 5, 10, 25, 50, 100, 200, 500, 1000, 5000, and 10,000 soʻm. Because it was meant to be a transitional currency, the design was rather simplistic. All notes had the Coat of arms on obverse, and Sher-Dor Madrasah of the Registan in Samarkand on reverse.^[4]

Second soʻm

A 500 Soʻm note issued in 1999.

On 1 July 1994,^[3] a second som was introduced at a rate of 1 new soʻm = 1000 old soʻm. This soʻm is subdivided into 100 tiyin. At its introduction, 1 U.S. dollar was equal to 25 soʻm.

Inflation

Until 2013, the largest denomination of Uzbek currency was the 1,000 soʻm banknote, then worth $0.60, requiring Uzbeks to carry large amounts of notes just to carry out grocery shopping and bill payment.

From 2017, the largest denomination is the 50,000 soʻm banknote (early 2018 worth $6), which made the situation easier. The smallest denomination, the 1 tiyin, is only worth 1/2900 cent U.S. making it the "world's most worthless coin". However, coins and banknotes smaller than 25 soʻm are rare now.^[5]

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 500 soʻm while the highest banknote denomination is the 50,000 soʻm. 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 25 soʻm are practically worthless now.

2017 reform

On 2 September 2017, President of Uzbekistan Shavkat Mirziyoyev issued a decree "On priority measures of liberalizing foreign exchange policy".^[6] 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 soʻm's exchange rate to the US dollar increased from 4,210 Uzbek soʻm to 8,100 Uzbek soʻm. The new rate was even weaker than the soʻm'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.^[7]

Coins

3 series of coins have been issued for the second soʻm. 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
Image		Value	Composition	Description		Date of minting
Obverse	Reverse	Value	Composition	Obverse	Reverse	Date of minting
		1 tiyin	Brass-clad steel	Coat of arms with 12 stars State title	Value, year of minting	1994
		3 tiyin
		5 tiyin
		10 tiyin	Nickel-clad steel	Coat of arms with 12 stars State title	Value, year of minting	1994
		20 tiyin
		50 tiyin
		1 soʻm				1997, 1998, 1999
		5 soʻm				1997, 1998, 1999
		10 soʻm				1997, 1998, 1999, 2000
For table standards, see the coin specification table.

Second Series
Image	Value	Technical parameters			Description			Date of minting
Image	Value	Diameter	Mass	Composition	Edge	Obverse	Reverse	Date of minting
	1 soʻm	18.4 mm	2.83 g	Stainless steel	Reeded	Coat of arms without stars Bank title, year of minting	Value, map of Uzbekistan	2000
	5 soʻm	21.2 mm	3.35 g	Brass-clad steel	Plain	Coat of arms without stars Bank title, year of minting	Value, map of Uzbekistan	2001
	10 soʻm	19.75 mm	2.71 g	Nickel-clad steel	Plain	Coat of arms without stars Bank title, year of minting	Value, map of Uzbekistan	2001
	25 soʻm	27 mm				Coat of arms without stars State title, year of minting	Value, Jalal ad-Din Mingburnu	1999
	50 soʻm	26.1 mm	8 g		Plain and reeded sections	Coat of arms without stars Bank title, year of minting	Value, map of Uzbekistan	2001¹
	50 soʻm	26.1 mm	7.9 g		Plain and reeded sections	Coat of arms without stars Bank title, year of minting	Value, statue and ruin of Shahrisabz	2002²
	100 soʻm	26.9 mm	7.9 g	Nickel-plated steel	Inscription	Coat of arms without stars Bank title, year of minting	Value, map of Uzbekistan, sunrays	2004³
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Third Series
Image		Value	Composition	Description		Date of minting
Obverse	Reverse	Value	Composition	Obverse	Reverse	Date of minting
		50 soʻm	Nickel-plated steel	National emblem of Uzbekistan, year of minting	Denomination	2018
		100 soʻm	Nickel-plated steel	National emblem of Uzbekistan, year of minting	Independence and Goodness monument, Tashkent	2018
		200 soʻm	Nickel-plated steel	National emblem of Uzbekistan, year of minting	Detail of a tiger mosaiс on the Sher-Dor Madrasah at the Registan in Samarkand	2018
		500 soʻm	Nickel-plated steel	National emblem of Uzbekistan, year of minting	Palace of Conventions (Anjumanlar Saroyi) in Tashkent	2018

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 Madrasah's on Registan Square in Samarkand. The second and current series, issued by the Central Bank of the Republic of Uzberkistan, were released in 1994 in denominations of 1, 3, 5, 10, 25, 50 and 100 soʻm. A 200 soʻm banknote was issued in 1997, the 500 soʻm in 1999, the 1,000 soʻm in 2001, the 5,000 soʻm in 2013, the 10,000 soʻm on 10 March 2017 and the 50,000 soʻm on 22 August 2017.

1994-2017 Series^[8]
Image		Value	Main Colour	Description		Date of printing	withdrawal
Obverse	Reverse	Value	Main Colour	Obverse	Reverse	Date of printing	withdrawal
		1 soʻm	Green and pink	National emblem of Uzbekistan	Alisher Navoi Opera and Ballet Theater in Tashkent	1994	middle 2000s
		3 soʻm	Red	National emblem of Uzbekistan	Mosque of Çaçma Ayub Mazar in Bukhara
		5 soʻm	Blue and orange	National emblem of Uzbekistan and Islamic pattern	Ali Shir Nawai Monument in Tashkent
		10 soʻm	Purple		Gur-e Amir in Samarkand
		25 soʻm	Blue and pink		The Mausoleum of Kazi Zade Rumi in the Shah-i-Zinda complex in Samarkand
		50 soʻm	Brown		The three Madrasahs of the Registan in Samarkand		1 July 2019^[9]
		100 soʻm	Purple		"Xalqlar Do`stligi" Palace in Tashkent		1 July 2019^[9]
		200 soʻm	Green	National emblem of Uzbekistan	Detail of a tiger mosaiс on the Sher-Dor Madrasah at the Registan in Samarkand	1997	1 July 2020^[9]
		500 soʻm	Red and some green		Statue of Timur (Tamerlane) in Tashkent	1999	1 July 2020^[9]
		1,000 soʻm	Grey		Amir Timur Museum in Tashkent	2001	Current
		5,000 soʻm	Green		National Assembly (Oliy Majlis) in Tashkent	2013
		10,000 soʻm	Blue		Senate (Senat) in Tashkent	2017
		50,000 soʻm	Violet	National emblem of Uzbekistan; top of the “Ezgulik” ark in Independence Square in Tashkent	Palace of Conventions (Anjumanlar Saroyi) in Tashkent	2017
For table standards, see the banknote specification table.

Current UZS exchange rates
From Google Finance:	AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From Yahoo! Finance:	AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From XE:	AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From OANDA:	AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From fxtop.com:	AUD CAD CHF EUR GBP HKD JPY USD RUB CNY

Notes

↑ "The Global History of Currencies - Russia". Archived from the original on 4 January 2007. Retrieved 12 November 2017.
↑ U.S. Department of State (February 1994). "Uzbekistan Economic Policy and Trade Practices". Archived from the original on 2010-07-10. Retrieved 19 September 2015.
1 2 3 Schuler, Kurt. "Tables of Modern Monetary History: Asia".
↑ Linzmayer, Owen (2012). "Uzbekistan". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
↑ Gray, Laura (26 February 2013). "The most worthless coin in the world". Retrieved 12 November 2017 – via www.bbc.com.
↑ The Government portal of the Republic of Uzbekistan (2017-09-05). "Starting from 5 September 2017, the exchange rate of the Central Bank is set at 8100 UZS for 1 USD". Retrieved 8 September 2017.
↑ Radio Free Europe/Radio Liberty (2017-09-05). "Uzbekistan Devalues Currency As It Emerges From Decades-Long Isolation". Retrieved 8 September 2017.
↑ "banknotes". Retrieved 12 November 2017.
1 2 "Центральный банк Республики Узбекистан — Сообщение Центрального банка Республики Узбекистан" (in Russian). cbu.uz. Retrieved 2018-05-26.

References

Krause, Chester L.; Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901–Present. Colin R. Bruce II (senior editor) (31st ed.). Krause Publications. ISBN 0873495934.
Cuhaj, George S. (editor) (2005). Standard Catalog of World Paper Money: Modern Issues 1961-Date (11th ed.). Krause Publications. ISBN 0-89689-160-7.

External links

Old soʻm
Preceded by: Soviet/Russian ruble Reason: independence Ratio: at par	Currency of Uzbekistan November 15, 1993 – July 1, 1994	Succeeded by: New soʻm Reason: inflation and depreciation of the "transitional" currency Ratio: 1 new soʻm = 1000 old soʻm

New soʻm
Preceded by: Old soʻm Reason: inflation and depreciation of the "transitional" currency Ratio: 1 new soʻm = 1000 old soʻm	Currency of Uzbekistan July 1, 1994 –	Succeeded by: Current

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[GFD-1] "The Global History of Currencies - Russia". Archived from the original on 4 January 2007. Retrieved 12 November 2017.

[tradeReport-2] U.S. Department of State (February 1994). "Uzbekistan Economic Policy and Trade Practices". Archived from the original on 2010-07-10. Retrieved 19 September 2015.

[TMMH-3] 1 2 3 Schuler, Kurt. "Tables of Modern Monetary History: Asia".

[4] Linzmayer, Owen (2012). "Uzbekistan". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.

[5] Gray, Laura (26 February 2013). "The most worthless coin in the world". Retrieved 12 November 2017 – via www.bbc.com.

[6] The Government portal of the Republic of Uzbekistan (2017-09-05). "Starting from 5 September 2017, the exchange rate of the Central Bank is set at 8100 UZS for 1 USD". Retrieved 8 September 2017.

[7] Radio Free Europe/Radio Liberty (2017-09-05). "Uzbekistan Devalues Currency As It Emerges From Decades-Long Isolation". Retrieved 8 September 2017.

[8] "banknotes". Retrieved 12 November 2017.

[:0-9] 1 2 "Центральный банк Республики Узбекистан — Сообщение Центрального банка Республики Узбекистан" (in Russian). cbu.uz. Retrieved 2018-05-26.

Currencies of Asia
Central	Kazakhstani tenge Kyrgyzstani som Tajikistani somoni Turkmenistan manat Uzbekistani soʻm
East	Chinese yuan Hong Kong dollar Japanese yen North Korean won South Korean won Macanese pataca Mongolian tögrög New Taiwan dollar
North	Russian ruble
South	Afghan afghani Bangladeshi taka Bhutanese ngultrum Indian rupee Maldivian rufiyaa Nepalese rupee Pakistani rupee Sri Lankan rupee Pound sterling British Indian Ocean Territory U.S. dollar British Indian Ocean Territory
Southeast	Brunei dollar Burmese kyat Cambodian riel East Timorese centavo Indonesian rupiah Lao kip Malaysian ringgit Philippine peso (piso) Singapore dollar Thai baht U.S. dollar East Timor Vietnamese đồng
West	Abkhazian apsar Armenian dram Artsakh dram Azerbaijani manat Bahraini dinar Egyptian pound Gaza Strip Euro Cyprus Georgian lari Iranian rial Iraqi dinar Israeli new shekel Jordanian dinar Kuwaiti dinar Lebanese pound Omani rial Russian ruble (Abkhazia and South Ossetia) Qatari riyal Saudi riyal Syrian pound Turkish lira UAE dirham Yemeni rial