Thesum[a] (ISO code:UZS) is the official currency ofUzbekistan. 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, thetiyin. Because it was meant to be a transitional currency, the original design used during the first years of the republic was rather simplistic.
The official name of theSoviet currency in theKazakh,Kyrgyz,Tajik, andUzbek languages was thesom, 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 severalTurkic languages, and is derived from theProto-Turkic*som, meaning 'pure' or 'solid'. The word implies puresilver orgold.
Like other republics of the formerSoviet Union, Uzbekistan continued using theSoviet/Russian ruble after independence. On 26 July 1993, a new series ofRussian ruble was issued and the old Soviet/Russian ruble ceased to be legal tender in Russia.[2][3] 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[4] 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.[4] 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 10,000 sum. Because it was meant to be a transitional currency, the design was rather simplistic. All notes had theCoat of arms on the obverse, and Sher-Dor Madrasah of theRegistan in Samarkand on the reverse.
The first banknotes were issued by the State Bank of Uzbekistan in 1993. All of the denominations share the same designs: theCoat of arms of Uzbekistan on the front and the madrasahs onRegistan Square in Samarkand.
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, the1 tiyin, is worth less than1⁄9400 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 50 sum 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 sum while the highest banknote denomination is the 200,000 sum. 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 50 sum are practically worthless now.
Three series of coins have been issued for the second sum. They can be easily distinguished by the script used for theUzbek language. The first series was written inCyrillic script, while the second and third series is written inLatin script.
In May 2018 the introduction of new coins valued 50, 100, 200 and 500 sum 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.
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 100 sum. A 200 sum banknote was issued in 1997, the 500 sum in 1999, the 1,000 sum in 2001, the 5,000 sum in 2013, the 10,000 sum on 10 March 2017, the 50,000 sum on 22 August 2017 and the 100,000 sum on 25 February 2019. The latter four denominations feature inscriptions inLatin-based Uzbek as opposed toUzbek Cyrillic in banknotes of 1 to 1,000 Uzbek sum. On 14 June 2021, theCentral Bank of the Republic of Uzbekistan issued the 2,000 and 20,000 sum banknotes to help bridge the gap between 1,000 and 5,000 sum as well as 10,000 and 50,000 sum. On 18 June 2021, the Central Bank of the Republic of Uzbekistan issued new 5,000 and 10,000 sum banknotes, utilizing the design templates of the 2,000 and 20,000 sum banknotes. In that same year, the Central Bank of the Republic of Uzbekistan issued new 50,000 and 100,000 sum banknotes as part of a new series of banknotes first introduced with the 2,000 and 20,000 sum banknotes. An entirely new 200,000 sum banknote was issued on 15 July 2022.
Archaeological Monuments of Afrosiyob belonging to the 8th-5th centuries BC, Archeological find of a 10th-century pottery jug and an embossed ceramic bowl found in the ruins of Afrosiyob
Oldest monument in the territory of Tashkent, which dates back to the 1st century BC - Shoshtepa archaeological monument, Ancient ceramics of Tashkent, pottery of 10th-12th century, and household utensils of the 10th century
On 2 September 2017,President of UzbekistanShavkat Mirziyoyev issued adecree "On priority measures of liberalizing foreign exchange policy".[19] The reform took effect on 5 September 2017. The currency was untethered from itsUS dollarpeg and started tofloat. As a result the sum's exchange rate to the US dollar increased from 4,210 Uzbek sum to 8,100 Uzbek sum. The new rate was even weaker than the sum'sblack-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.[20]
^"2 000 soum".Central Bank of the Republic of Uzbekistan. Tashkent. 16 February 2022. Archived fromthe original on 27 December 2022. Retrieved27 December 2022.
^"5 000 soum".Central Bank of the Republic of Uzbekistan. Tashkent. 29 October 2021. Archived fromthe original on 27 December 2022. Retrieved27 December 2022.
^"10 000 soum".Central Bank of the Republic of Uzbekistan. Tashkent. 29 October 2021. Archived fromthe original on 27 December 2022. Retrieved27 December 2022.
^"20 000 soum".Central Bank of the Republic of Uzbekistan. Tashkent. 16 February 2022. Archived fromthe original on 27 December 2022. Retrieved27 December 2022.
^"50 000 soum".Central Bank of the Republic of Uzbekistan. Tashkent. 17 February 2022. Archived fromthe original on 27 December 2022. Retrieved27 December 2022.
^"100 000 soum".Central Bank of the Republic of Uzbekistan. Tashkent. 17 February 2022. Archived fromthe original on 27 December 2022. Retrieved27 December 2022.
^"200 000 soum".Central Bank of the Republic of Uzbekistan. Tashkent. 15 September 2022. Archived fromthe original on 27 December 2022. Retrieved27 December 2022.
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