Uzbek Sum marks three decades of monetary independence from Russian Ruble

It has been 30 years since the Uzbek sum declared its independence from the Russian ruble, following the collapse of the Soviet Union. Like its CIS counterparts, Uzbekistan faced the challenge of establishing its own independent monetary system. 

Introduced in 1992 as temporary coupons, the Uzbek sum (UZS) became the official currency by 1994, adopting new banknotes and coins and replacing the initial coupons. This currency, subdivided into 100 tiyin, is not freely convertible and is unavailable before entering Uzbekistan. It includes banknotes from UZS100 to UZS1000 and coins ranging from UZS1 to UZS500 sum, becoming a cornerstone of Uzbekistan’s financial infrastructure.

Uzbek economist Otabek Bakirov reflects on the currency's history: “30 years ago, on April 15, 1994, the sum-coupon’s exchange rate was established for the first time through currency exchange.” Simultaneously, Uzbekistan mandated that all transactions within the country cease using the Russian ruble.

Previously, the sum-coupon had a 1:1 ratio with the ruble, and its foreign exchange rates were pegged to those of the ruble as reported by the Central Bank of Russia. From April 16, 1994, Uzbekistan began publishing its own official exchange rates, which initially set the sum-coupon at UZS3,637.00 to the US dollar (as seen in above image).

Bakirov notes that from 1994 until September 1996, the official and market exchange rates of the sum were nearly identical, indicating a period of relative stability for the new currency.