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This research focuses on the key macroeconomic factors that leads to currency depreciation of Uzbek som. Due to some external shocks, current account imbalances, and expansionary monetary policies, Uzbekistan and other regional countries, including Tajikistan, Turkmenistan, Armenia, and Azerbaijan, have seen significant currency devaluation in recent years. To identify factors that significantly influence exchange rate volatility, such as capital flows, money supply, external debt, and macroeconomic shocks like natural disasters and the COVID-19 pandemic, the research analyzed the main empirical findings from previous studies. The results indicate that while remittance inflows and capital investment typically support currency appreciation, the national currency is depreciated due to the current account deficit and low level of foreign direct investment. Money supply also led to a decrease in the value of the currency. The study concludes that policy actions should strengthen fiscal discipline, promote investment inflows, and achieve price stability through a strategic monetary system.

  • O'qishlar soni 66
  • Nashr sanasi 30-09-2025
  • Asosiy tilIngliz
  • Sahifalar480-488
English

This research focuses on the key macroeconomic factors that leads to currency depreciation of Uzbek som. Due to some external shocks, current account imbalances, and expansionary monetary policies, Uzbekistan and other regional countries, including Tajikistan, Turkmenistan, Armenia, and Azerbaijan, have seen significant currency devaluation in recent years. To identify factors that significantly influence exchange rate volatility, such as capital flows, money supply, external debt, and macroeconomic shocks like natural disasters and the COVID-19 pandemic, the research analyzed the main empirical findings from previous studies. The results indicate that while remittance inflows and capital investment typically support currency appreciation, the national currency is depreciated due to the current account deficit and low level of foreign direct investment. Money supply also led to a decrease in the value of the currency. The study concludes that policy actions should strengthen fiscal discipline, promote investment inflows, and achieve price stability through a strategic monetary system.

№ Muallifning F.I.Sh. Lavozimi Tashkilot nomi
1 Abduvalieva N.M. Editorial administrative officer Westminster International University in Tashkent
№ Havola nomi
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