Uzbekistan Sum (UZS)

Uzbekistan Sum (UZS) is the official currency of Uzbekistan. Here is more detailed information about Uzbekistan Sum:

1. History: Uzbekistan Sum was introduced in 1993 when Uzbekistan declared its independence following the dissolution of the Soviet Union. Previously, the Soviet Ruble was used.

2. Currency: Uzbekistan Sum is the national currency of the country. Its ISO 4217 code is UZS.

3. Subunits: Uzbekistan Sum is divided into 100 tiyin. However, the tiyin subunit is mostly out of circulation, and pricing is generally done in Sum.

4. Banknotes and Coins: Uzbekistan Sum is represented by various banknotes, including 1, 3, 5, 10, 25, 50, 100, 200, 500, 1000, 5000, 10,000, 50,000, and 100,000 Sum. Coins are available in denominations of 1, 5, 10, 25, 50, and 100 tiyin.

5. Devaluation: Uzbekistan Sum has experienced a continuous devaluation over the years. Factors such as inflation, economic instability, and fluctuations in exchange rates have led to a decline in the value of the currency.

6. Exchange Rate: Uzbekistan Sum operates on a fluctuating exchange rate against other currencies. This exchange rate can vary based on supply and demand factors, economic conditions, and interventions by the central bank.

7. Usage: Uzbekistan Sum is used as a legal tender for transactions within Uzbekistan. It is used for purchasing goods and services, conducting transactions, and paying salaries in the country.

Uzbekistan Sum is the official currency of Uzbekistan and is used for daily financial transactions in the country. However, the value of the Sum has decreased over time, and some economic reforms have been implemented to combat inflation. Therefore, it is important for those doing business in Uzbekistan to monitor exchange rates and the foreign exchange market.