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Bank Exchange Rates for Uzbekistani Som
Currency Exchange Rates for Uzbekistani Som. Currency Information on UZS for Uzbekistan – so’m. The foreign exchange currency code for UZS represents the Uzbekistani Som exchange rate.
The current som was introduced in 1994, replacing the first som at a ratio of 1 new som : 1000 old som. The som subdivides into 100 tiyin.
Send Money Transfer to Uzbekistan. Coins in denominations of 1, 5, 10, 25, 50 and 100 som are in circulation, alongside 1, 3, 5, 10, 25, 50, 100, 200, 500, 1000 and 5000 som notes.
Bank Exchange Rates for Uzbekistan
History: In Central Asia the Uzbekistani Som currency is used. Since Uzbekistan was a former republic of Soviet Union? , after independence it continued to use the Russian ruble/Soviet. Later in the year 1993 26th of July, the old Russian ruble/soviet was replaced by a new series of Russian rubble and stopped being a legal tender in Russia.
Some states however were already using their own national currencies before that , but others just chose to continue using the old version of the Russian ruble/Soviet. However, there were some other countries that decided to use the new and Old Russian ruble. Evidence shows that Uzbekistan used both the new and the old versions of the rubles. In late 1993, precisely 15th November, the ruble was replaced by the som in Uzbekistan.
Currency Rate for Uzbekistan
At that time however, this Som had no subdivisions. Only banknotes were used.This was done in denominations of 1,3,5,10,25,50,100,200,500,1000,5000 and 10000 Som.
The design of this currency was a bit simplistic with all notes having the coat of arms.In mid 1994, July 1st, another Som was introduced. Its rate was 1 new som =1000 old som.H1: coins and notes.Currently,the coins that are in circulation are , 1,5,10,25, 50, and 100 denominations. The notes are 1,3,5,10,25,50,100,200,500,1000 and 5000.
Currency Rates for Uzbekistani Som
What are the restrictions?The most significant restriction to this currency as of now is the large inflation the country is facing, hence the country is finding it very hard to issue a higher denomination of the currency.H1: substitute currencies and whyThe US Dollar is the substitute currency because it is the simplest to transport and exchange.H1: pertinent issues.
Economic analysis show that Uzbekistan has the craziest currency regime in the world , with the Uzbekistani som having two exchange rates, the official one set by government at 3000 som to the dollar and the black market one standing roughly at 6000 som to the dollar.The Uzbekistani Som is still the most popular currency in Uzbekistan as much as they have the option of using the dollar as an alternative.
GBP to UZS
Bank Exchange Rates for Uzbekistani Som. The foreign exchange rates for Uzbekistan also known as the ISO code UZS. Send money transfer online with us with the cheapest options