The sum (; uz, soʻm in
Latin script
The Latin script, also known as Roman script, is an alphabetic writing system based on the letters of the classical Latin alphabet, derived from a form of the Greek alphabet which was in use in the ancient Greek city of Cumae, in southern I ...
, сўм in
Cyrillic script
The Cyrillic script ( ), Slavonic script or the Slavic script, is a writing system used for various languages across Eurasia. It is the designated national script in various Slavic, Turkic, Mongolic, Uralic, Caucasian and Iranic-speaking co ...
, سوم in
Arabic script;
ISO code: UZS) is the official currency of
Uzbekistan
Uzbekistan (, ; uz, Ozbekiston, italic=yes / , ; russian: Узбекистан), officially the Republic of Uzbekistan ( uz, Ozbekiston Respublikasi, italic=yes / ; russian: Республика Узбекистан), is a doubly landlocked co ...
.
Etymology
The official name of the
Soviet currency in
Kazakh,
Kyrgyz,
Tajik, and
Uzbek was ''som'', 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. The word ''sum'' (alternatively transliterated "som" or "soum") means "pure" in
Kazakh,
Kyrgyz,
Uyghur and
Uzbek, as well as in many other
Turkic language
The Turkic languages are a language family of over 35 documented languages, spoken by the Turkic peoples of Eurasia from Eastern Europe and Southern Europe to Central Asia, East Asia, North Asia (Siberia), and Western Asia. The Turkic languag ...
s. The word implies "pure"
silver
Silver is a chemical element with the symbol Ag (from the Latin ', derived from the Proto-Indo-European ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical ...
or
gold
Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile me ...
.
First sum
History
Like other republics of the former
Soviet Union
The Soviet Union,. officially the Union of Soviet Socialist Republics. (USSR),. was a List of former transcontinental countries#Since 1700, transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, ...
, Uzbekistan continued using the
Soviet
The Soviet Union,. officially the Union of Soviet Socialist Republics. (USSR),. was a transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, it was nominally a federal union of fifteen nation ...
/
Russian ruble
''hum''; cv, тенкĕ ''tenke''; kv, шайт ''shayt''; Lak: къуруш ''k'urush''; Mari: теҥге ''tenge''; os, сом ''som''; tt-Cyrl, сум ''sum''; udm, манет ''manet''; sah, солкуобай ''solkuobay''
, name_ab ...
after independence. On 26 July 1993, a new series of
Russian ruble
''hum''; cv, тенкĕ ''tenke''; kv, шайт ''shayt''; Lak: къуруш ''k'urush''; Mari: теҥге ''tenge''; os, сом ''som''; tt-Cyrl, сум ''sum''; udm, манет ''manet''; sah, солкуобай ''solkuobay''
, name_ab ...
was issued and the old Soviet/Russian ruble ceased to be legal tender in Russia.
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''
implies that both old and new rubles were used in Uzbekistan.
Uzbekistan replaced the ruble with the sum at par in on November 15, 1993.
[ 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 the ]Coat of arms
A coat of arms is a heraldic visual design on an escutcheon (i.e., shield), surcoat, or tabard (the latter two being outer garments). The coat of arms on an escutcheon forms the central element of the full heraldic achievement, which in its ...
on obverse, and Sher-Dor Madrasah of the Registan
The Registan (Uzbek language, Uzbek: Регистон, Registon) was the heart of the ancient city of Samarkand of the Timurid Empire, now in Uzbekistan. The name ''Rēgistan'' () means "sandy place" or "desert" in Persian language, Persian.
Th ...
in Samarkand on reverse.
Coins
No coins were issued for the first sum.
Banknotes
The first banknotes were issued by the State Bank of Uzbekistan in 1993. All of the denominations share the same designs: the Coat of arms of Uzbekistan on the front and the madrasahs on Registan
The Registan (Uzbek language, Uzbek: Регистон, Registon) was the heart of the ancient city of Samarkand of the Timurid Empire, now in Uzbekistan. The name ''Rēgistan'' () means "sandy place" or "desert" in Persian language, Persian.
Th ...
Square in Samarkand.
Second sum
History
On 1 July 1994,[ a second sum was introduced at a rate of 1 new sum = 1,000 old sum. This sum is subdivided into 100 ''tiyin''.
]
Inflation
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.
Since 2019, the largest denomination is the 100,000 sum banknote (as of October 2019 worth US$10.55), which made the situation easier. The smallest denomination, the 1 tiyin, is worth less than 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.
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 100,000 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.
Coins
Three series of coins have been issued for the second sum. They can be easily distinguished by the script used for the Uzbek language
Uzbek (''Oʻzbekcha, Oʻzbek tili or Ўзбекча, Ўзбек тили''), formerly known as ''Turki'' or ''Western Turki'', is a Turkic language spoken by Uzbeks. It is the official, and national language of Uzbekistan. Uzbek is spoken as ...
. The first series was written in Cyrillic script
The Cyrillic script ( ), Slavonic script or the Slavic script, is a writing system used for various languages across Eurasia. It is the designated national script in various Slavic, Turkic, Mongolic, Uralic, Caucasian and Iranic-speaking co ...
, while the second and third series is written in Latin script
The Latin script, also known as Roman script, is an alphabetic writing system based on the letters of the classical Latin alphabet, derived from a form of the Greek alphabet which was in use in the ancient Greek city of Cumae, in southern I ...
.
First series (1994-2000)
Second series (2000-2004)
Third series (2018)
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 are to be withdrawn from circulation by 1 July 2020.
Banknotes
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 in Latin-based Uzbek as opposed to Uzbek Cyrillic in banknotes of 1 to 1,000 Uzbek sum. On 14 June 2021, the Central 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.
Exchange rates
At its introduction on 1 July 1994, 1 US dollar was equal to 25 sum.
2017 reform
On 2 September 2017, President of Uzbekistan
The president of the Republic of Uzbekistan ( uz, Oʻzbekiston Respublikasining Prezidenti, Ўзбекистон Республикасининг Президенти) is the head of state and executive authority in Uzbekistan. The office of Pre ...
Shavkat Mirziyoyev
Shavkat Miromonovich Mirziyoyev (Uzbek Latin: ''Shavkat Miromonovich (Miromon o‘g‘li) Mirziyoyev'', Uzbek Cyrillic: Шавкат Миромонович (Миромон ўғли) Мирзиёев ; born 24 July 1957) is an Uzbek politician ...
issued a decree
A decree is a legal proclamation, usually issued by a head of state (such as the president of a republic or a monarch), according to certain procedures (usually established in a constitution). It has the force of law. The particular term used ...
"''On priority measures of liberalizing foreign exchange policy''". The reform took effect on 5 September 2017. The currency was untethered from its US dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
peg and started to float
Float may refer to:
Arts and entertainment Music Albums
* ''Float'' (Aesop Rock album), 2000
* ''Float'' (Flogging Molly album), 2008
* ''Float'' (Styles P album), 2013
Songs
* "Float" (Tim and the Glory Boys song), 2022
* "Float", by Bush ...
. 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's black-market
A black market, underground economy, or shadow economy is a clandestine market or series of transactions that has some aspect of illegality or is characterized by noncompliance with an institutional set of rules. If the rule defines the ...
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.
See also
*Economy of Uzbekistan
The economy of Uzbekistan was formerly associated with a Soviet-style command economy, with a slow transformation to a market economy. However, in recent years and since the election of President Shavkat Mirziyoyev the country has seen rapid eco ...
*Kyrgyzstani som
The som (Kyrgyz: сом; ISO code: KGS; sign: с) is the currency of Kyrgyzstan.
Etymology
The official name of the Soviet currency in Kazakh, Kyrgyz, Tajik, and Uzbek was ''soum'', and this name appeared written on the back of banknotes ...
*For earlier currencies used in Uzbekistan, see Bukharan tenga, Kokand tenga and Khwarazmi tenga
Notes
References
*
*
External links
*
{{DEFAULTSORT:Uzbekistani Sum
Economy of Uzbekistan
Currencies introduced in 1993
Currencies introduced in 1994