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Uzbekistani sum

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Uzbek sum
Oʻzbek soʻmi / Ўзбек сўми (in Uzbek)
100,000 sum banknote
ISO 4217
CodeUZS (numeric: 860)
Subunit0.01
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Denominations
Subunit
 1⁄100Tiyin
Banknotes
 Freq. used1,000-, 2,000-, 5,000-, 10,000-, 20,000-, 50,000-, 100,000-, 200,000 sum
Coins
 Freq. used50-, 100-, 200-, 500 sum
Demographics
User(s)Uzbekistan Uzbekistan
Issuance
Central bankCentral Bank of the Republic of Uzbekistan (Oʻzbekiston Respublikasi Markaziy Banki)
 Websitewww.cbu.uz
Valuation
Inflation8.5%
 Source[1], 2015 est.

The sum (Uzbek pronunciation: [som]; Uzbek: soʻm in Latin script, сўм in Cyrillic script, سوم in Arabic script; ISO code: UZS) is the official currency of Uzbekistan.

Etymology

The official name of the Soviet currency in Kazakh, Kyrgyz 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 languages. The word implies "pure" silver or gold.

First sum

History

Like other republics of the former Soviet Union, Uzbekistan continued using the Soviet/Russian ruble after independence. On 26 July 1993, a new series of Russian ruble was issued and the old Soviet/Russian ruble ceased to be legal tender in Russia.[1][2] 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[3] 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.[3] 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 on obverse, and Sher-Dor Madrasah of the Registan 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 Square in Samarkand.

Image Value Size
Obverse Reverse
1 sum 120×61
3 sum
5 sum
10 sum
25 sum
50 sum 144×69
100 sum
200 sum
500 sum
1,000 sum
5,000 sum
10,000 sum

Second sum

History

500 sum note issued in 1999.

On 1 July 1994,[3] 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 1⁄9400 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.[4]

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. The first series was written in Cyrillic script, while the second and third series is written in Latin script.

First series (1994-2000)

First series coins (1994–2000)
Image Value Technical parameters Description Date of
Diameter Mass Composition Edge Obverse Reverse minting issue withdrawal lapse
1 tiyin 16,9 mm 1,75 g Brass-clad steel Smooth Coat of arms with 12 stars
State title 		Value, year of minting 1994 July 1994 1 March 2020[5] 1 January 2021[5]
3 tiyin 19,9 mm 2,7 g Reeded
5 tiyin 17 mm 1,8 g
10 tiyin 18,7 mm 2,85 g Nickel-clad steel
20 tiyin 22 mm 4 g Inscription: “ЙИГИРМА ТИЙИН ЙИГИРМА ТИЙИН”
50 tiyin 23,9 mm 4,8 g Inscription: “ЗЛЛИК ТИЙИН * ЗЛЛИК ТИЙИН * ЗЛЛИК ТИЙИН”
1 sum 19,8 mm 2,72 g Smooth 1997, 1998, 1999 1997
5 sum 22,2 mm 4 g
10 sum 24 mm 4,7 g 1997, 1998, 1999, 2000
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Second series (2000-2004)

Second Series
Image Value Technical parameters Description Date of minting Withdrawal
Diameter Mass Composition Edge Obverse Reverse
1 sum 18.4 mm 2.83 g Stainless steel Reeded Coat of arms without stars
Bank title, year of minting 		Value, map of Uzbekistan 2000 1 March 2020[5]
5 sum 21.2 mm 3.35 g Brass-clad steel Plain Coat of arms without stars
Bank title, year of minting 		Value, map of Uzbekistan 2001 1 March 2020[5]
10 sum 19.75 mm 2.71 g Nickel-clad steel Plain Coat of arms without stars
Bank title, year of minting 		Value, map of Uzbekistan 2001 1 March 2020[5]
50 sum 26.1 mm 8 g Plain and reeded sections Coat of arms without stars
Bank title, year of minting 		Value, map of Uzbekistan 2001 1 July 2019[6]
50 sum 26.1 mm 7.9 g Value, statue and ruin of Shahrisabz 2002 1 July 2019[6]
100 sum 26.9 mm 7.9 g Nickel-plated steel Inscription Coat of arms without stars
Bank title, year of minting 		Value, map of Uzbekistan, sunrays 2004 1 July 2019[6]
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

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.

Third series (2018)[7]
Image Value Technical parameters Description Date of
Diameter Mass Composition Edge Obverse Reverse minting issue withdrawal lapse
50 sum 18.0 mm 2.0g Nickel-plated steel Plain Denomination National emblem of Uzbekistan, year of minting 2018 2 July 2018[5] Current
100 sum 20.0 mm 2.5 g Independence and Goodness monument, Tashkent
200 sum 22.0 mm 3.3 g Detail of a tiger mosaiс on the Sher-Dor Madrasah at the Registan in Samarkand
500 sum 24.0 mm 3.9 g Palace of Conventions (Anjumanlar Saroyi) in Tashkent
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

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.

1994-2019 Series[8]
Image Value Main Colour Description Date of printing Date of first issue withdrawal
Obverse Reverse Obverse Reverse
1 sum Green and pink National emblem of Uzbekistan Alisher Navoi Opera and Ballet Theater in Tashkent 1994 1 July 1994 1 March 2020[5]
3 sum Red Chashma-Ayub Mausoleum in Bukhara
5 sum Blue and orange National emblem of Uzbekistan and Islamic pattern Alisher Navoi Monument in Tashkent
10 sum Purple Gur-e Amir in Samarkand
25 sum Blue and pink Shah-i-Zinda Complex in Samarkand
50 sum Brown The three Madrasahs of the Registan in Samarkand 1 July 2019[9]
100 sum Purple Palace of Friendship of Peoples in Tashkent
200 sum Green National emblem of Uzbekistan Detail of a tiger mosaiс (Shir o Khorshid) on the Sherdor Madrasah at the Registan in Samarkand 1997 1 March 1997[10] 1 July 2020[5]
500 sum Red and some green Statue of Amir Temur (Tamerlane) in Tashkent 1999 1 June 2000[11]
1,000 sum Grey Amir Timur Museum in Tashkent 2001 1 September 2001[12] Current
5,000 sum Green National Assembly (Oliy Majlis) in Tashkent 2013 1 July 2013
10,000 sum Blue Senate (Senat) in Tashkent 2017 10 March 2017
50,000 sum Violet National emblem of Uzbekistan; top of the “Ezgulik” ark in Independence Square in Tashkent Palace of Conventions (Anjumanlar Saroyi) in Tashkent 22 August 2017
100,000 sum Orange and light brown National emblem of Uzbekistan; Mirzo Ulugbek; solar system Mirzo Ulugbek Observatory in Samarkand; map of Uzbekistan 2019 25 February 2019
For table standards, see the banknote specification table.
2021-2022 Series
Image Value Main Colour Description Date of printing Date of first issue withdrawal
Obverse Reverse Obverse Reverse
2,000 sum Red and pink Bukhara Arch, caravan routes on map of Uzbekistan, Honatlas textile patterns, National emblem of Uzbekistan Varahsha ruins of the ancient caravan route Poykend, clay pot and artifact, camel 2021

5,000 sum Green Sherdor madrasasi in Samarkand, National emblem of Uzbekistan Archaeological Monuments of Afrosiyob belonging to the 8th-5th centuries BC, Archeological find of a 10th-century pottery jug and an embossed ceramic bowl found in the ruins of Afrosiyob 2021
10,000 sum Blue Great Silk Road, Architectural monument Kokaldosh madrasasi in Tashkent, National emblem of Uzbekistan Oldest monument in the territory of Tashkent, which dates back to the 1st century BC - Shoshtepa archaeological monument, Ancient ceramics of Tashkent, pottery of 10th-12th century, and household utensils of the 10th century 2021

20,000 sum Dark violet Jonbox-qal’a archeology monument, caravan routes on map of Uzbekistan, textile patterns, National emblem of Uzbekistan 6th-century pottery from Aral and Caspian Seas, embroidery design 2021

50,000 sum Light purple Al-Hakim At-Termiziy Maqbarasi in Surxondaryo, caravan routes on map of Uzbekistan, National emblem of Uzbekistan Fayoztepa Arxeologiya Yodgorligi ancient archaeological monument in Surxondaryo, flying dove, 17th-century pottery from Sopollitepa 2021
100,000 sum Light brown Ichan Qal’a museum in Khiva, Khorezm, caravan routes on map of Uzbekistan, National emblem of Uzbekistan Angkaqal’a Archeologiya Yodgorligi fortress in Khorezm, 1st-century BC silver coin, 10th-century pottery from Khorezm 2021
200,000 sum Turquoise, orange, green, purple, and red Xudoyorxon O’rdasi (Khan’s Palace) in Kokand, Fergana, caravan routes on map of Uzbekistan, National emblem of Uzbekistan Axsikent Arxeologiya Yodgorligi (ancient archaeoloical monument) in ancient Fergana, pomegranate, double-headed snake and ceramic bowl 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 Shavkat Mirziyoyev issued a decree "On priority measures of liberalizing foreign exchange policy".[13] The reform took effect on 5 September 2017. The currency was untethered from its US dollar peg and started to float. 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 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.[14]

Current UZS exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD


See also

Notes

  1. ^ "The Global History of Currencies - Russia". Archived from the original on 4 January 2007. Retrieved 12 November 2017.
  2. ^ U.S. Department of State (February 1994). "Uzbekistan Economic Policy and Trade Practices". Archived from the original on 2010-07-10. Retrieved 19 September 2015.
  3. ^ a b c Schuler, Kurt. "Tables of Modern Monetary History: Asia".
  4. ^ Gray, Laura (26 February 2013). "The most worthless coin in the world". BBC News. Retrieved 12 November 2017.
  5. ^ a b c d e f g h "СТАРУЮ МЕЛОЧЬ МОЖНО ОБМЕНЯТЬ НА НОВУЮ ДО 1 МАРТА 2020 ГОДА".
  6. ^ a b c "В обращение выходят новые монеты". 28 June 2018.
  7. ^ "Монеты". www.cbu.uz.
  8. ^ "banknotes". Retrieved 12 November 2017.
  9. ^ "Центральный банк Республики Узбекистан — Сообщение Центрального банка Республики Узбекистан" (in Russian). cbu.uz. Retrieved 2018-05-26.
  10. ^ "Узбекскому суму исполнилось 20 лет" (in Russian). gazeta.uz. 30 June 2014. Retrieved 2019-01-05.
  11. ^ "Узбекскому суму исполнилось 20 лет" (in Russian). gazeta.uz. 30 June 2014. Retrieved 2019-01-05.
  12. ^ "Узбекскому суму исполнилось 20 лет" (in Russian). gazeta.uz. 30 June 2014. Retrieved 2019-01-05.
  13. ^ The Government portal of the Republic of Uzbekistan (2017-09-05). "Starting from 5 September 2017, the exchange rate of the Central Bank is set at 8100 UZS for 1 USD". Retrieved 8 September 2017.
  14. ^ Radio Free Europe/Radio Liberty (2017-09-05). "Uzbekistan Devalues Currency As It Emerges From Decades-Long Isolation". Retrieved 8 September 2017.

References

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