Uzbekistani soʻm

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For earlier currencies used in Uzbekistan, see Bukharan tenga, Kokand tenga and Khwarazmi tenga.
Uzbekistani soʻm
Oʻzbek soʻmi / Ўзбек сўми (in Uzbek)
100 000 SUM REVERS.png
100,000 soʻm.
ISO 4217
CodeUZS
Denominations
Subunit
 1/100Tiyin
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbolсум
Banknotes
 Freq. used1000, 5000, 10,000, 50,000, 100,000 soʻm
Coins
 Freq. used50, 100, 200, 500 soʻm
Demographics
User(s)Uzbekistan Uzbekistan
Issuance
Central bankCentral Bank of the Republic of Uzbekistan (O'zbekiston Respublikasi Markaziy Banki)
 Websitewww.cbu.uz
Valuation
Inflation8.5%
 Source[1], 2015 est.

The soʻm (Uzbek: soʻm in Latin script, сум in Cyrillic script) is the currency of Uzbekistan in Central Asia.

Etymology[edit]

In the Soviet Union, speakers of Kazakh, Kyrgyz and Uzbek called the ruble the som, and this name appeared written on the back of banknotes, among the texts for the value of the bill in all 15 official languages of the Union. The word som (sometimes transliterated "sum" or "soum") means "pure" in Kyrgyz, Uyghur and Uzbek, as well as in many other Turkic languages. The word implies "pure gold".

First soʻm[edit]

History[edit]

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 soʻm at par in on November 15, 1993.[3] No subdivisions of this som were issued and only banknotes were produced, in denominations of 1, 3, 5, 10, 25, 50, 100, 200, 500, 1000, 5000, and 10,000 soʻm. 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[edit]

No coins were issued for the first soʻm. the coins were jula for 5 cents

Banknotes[edit]

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 som. Uzbekistan, 1992 a.jpg 1 som. Uzbekistan, 1992 b.jpg 1 120×61
3 som. Uzbekistan, 1992 a.jpg 3 som. Uzbekistan, 1992 b.jpg 3
5 som. Uzbekistan, 1992 a.jpg 5 som. Uzbekistan, 1992 b.jpg 5
10 som. Uzbekistan, 1992 a.jpg 10 som. Uzbekistan, 1992 b.jpg 10
25 som. Uzbekistan, 1992 a.jpg 25 som. Uzbekistan, 1992 b.jpg 25
50 som. Uzbekistan, 1992 a.jpg 50 som. Uzbekistan, 1992 b.jpg 50 144×69
100 som. Uzbekistan, 1992 a.jpg 100 som. Uzbekistan, 1992 b.jpg 100
200 som. Uzbekistan, 1992 a.jpg 200 som. Uzbekistan, 1992 b.jpg 200
500 som. Uzbekistan, 1992 a.jpg 500 som. Uzbekistan, 1992 b.jpg 500
1000 som. Uzbekistan, 1992 a.jpg 1000 som. Uzbekistan, 1992 b.jpg 1,000
5000 som. Uzbekistan, 1992 a.jpg 5000 som. Uzbekistan, 1992 b.jpg 5,000
10000 som. Uzbekistan, 1992 a.jpg 10000 som. Uzbekistan, 1992 b.jpg 10,000

Second soʻm[edit]

History[edit]

A 500 Soʻm note issued in 1999.

On 1 July 1994,[3] a second som was introduced at a rate of 1 new soʻm = 1000 old soʻm. This soʻm is subdivided into 100 tiyin.

Inflation[edit]

Until 2013, the largest denomination of Uzbek currency was the 1,000 soʻm banknote, then worth US$0.60, requiring Uzbeks to carry large amounts of notes just to carry out grocery shopping and bill payment.

Since 2019, the largest denomination is the 100,000 soʻm banknote (as of October 2019 worth US$10.55), which made the situation easier. The smallest denomination, the 1 tiyin, is worth less than ​19400 of a U.S. 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 soʻm 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 soʻm while the highest banknote denomination is the 100,000 soʻm. 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 soʻm are practically worthless now.

Coins[edit]

3 series of coins have been issued for the second soʻm. 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)[edit]

First series coins (1994–2000)
Image Value Technical parameters Description Date of
Diameter Mass Composition Edge Obverse Reverse minting issue withdrawal lapse
UZ-1994tiin01.jpg 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]
UZ-1994tiin03.jpg 3 tiyin 19,9 mm 2,7 g Reeded
UZ-1994tiin05.jpg 5 tiyin 17 mm 1,8 g
UZ-1994tiin10.jpg 10 tiyin 18,7 mm 2,85 g Nickel-clad steel
UZ-1994tiin20.jpg 20 tiyin 22 mm 4 g Inscription: “ЙИГИРМА ТИЙИН ЙИГИРМА ТИЙИН”
UZ-1994tiin50.jpg 50 tiyin 23,9 mm 4,8 g Inscription: “ЗЛЛИК ТИЙИН * ЗЛЛИК ТИЙИН * ЗЛЛИК ТИЙИН”
UZ-1998sum01.jpg 1 soʻm 19,8 mm 2,72 g Smooth 1997, 1998, 1999 1997
UZ-1999sum05.jpg 5 soʻm 22,2 mm 4 g
UZ-1998sum10.jpg 10 soʻm 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)[edit]

Second Series
Image Value Technical parameters Description Date of minting Withdrawal
Diameter Mass Composition Edge Obverse Reverse
UZ-2000sum01.jpg 1 soʻm 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]
UZ-2001sum05.jpg 5 soʻm 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]
UZ-2001sum10.jpg 10 soʻm 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]
UZ-2001sum50.jpg UZ-2004sum100-obv.jpg 50 soʻm 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 Som UZ 2002.png 50 soʻm 26.1 mm 7.9 g Value, statue and ruin of Shahrisabz 2002 1 July 2019[6]
UZ-2004sum100-obv.jpg 100 soʻm 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)[edit]

In May 2018 the introduction of new coins valued 50, 100, 200 and 500 soʻm 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 2018.jpg 50 soʻm 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 2018.jpg 100 soʻm 20.0 mm 2.5 g Independence and Goodness monument, Tashkent
200 SUM 2018.jpg 200 soʻm 22.0 mm 3.3 g Detail of a tiger mosaiс on the Sher-Dor Madrasah at the Registan in Samarkand
500 SUM 2018.jpg 500 soʻm 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[edit]

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 soʻm. A 200 soʻm banknote was issued in 1997, the 500 soʻm in 1999, the 1,000 soʻm in 2001, the 5,000 soʻm in 2013, the 10,000 soʻm on 10 March 2017, the 50,000 soʻm on 22 August 2017 and the 100,000 soʻm 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 soʻm.

1994-2017 Series[8]
Image Value Main Colour Description Date of printing Date of first issue withdrawal
Obverse Reverse Obverse Reverse
UZS1 1994 front.jpg UZS1 1994 back.jpg 1 soʻm Green and pink National emblem of Uzbekistan Alisher Navoi Opera and Ballet Theater in Tashkent 1994 1 July 1994 1 March 2020[5]
UZS3 1994 front.jpg UZS3 1994 back.jpg 3 soʻm Red Chashma-Ayub Mausoleum in Bukhara
UZS5 1994 front.jpg UZS5 1994 back.jpg 5 soʻm Blue and orange National emblem of Uzbekistan and Islamic pattern Alisher Navoi Monument in Tashkent
UZS10 1994 front.jpg UZS10 1994 back.jpg 10 soʻm Purple Gur-e Amir in Samarkand
UZS25 1994 front.jpg UZS25 1994 back.jpg 25 soʻm Blue and pink Shah-i-Zinda Complex in Samarkand
UZS50 1994 front.jpg UZS50 1994 back.jpg 50 soʻm Brown The three Madrasahs of the Registan in Samarkand 1 July 2019[9]
UZS100 1994 front.jpg UZS100 1994 back.jpg 100 soʻm Purple Palace of Friendship of Peoples in Tashkent
UZS200 1997 front.jpg UzbekistanP80-200sum-1997-donatedoy b.jpg 200 soʻm 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]
UZS500 1999 front.jpg UzbekistanP81-500sum-1999-donatedoy b.jpg 500 soʻm Red and some green Statue of Amir Temur (Tamerlane) in Tashkent 1999 1 June 2000[11]
UZS1000 2001 front.jpg UZS1000 2001 back.jpg 1,000 soʻm Grey Amir Timur Museum in Tashkent 2001 1 September 2001[12] Current
UZS5000 2013 front.jpg UZS5000 2013 rear.jpg 5,000 soʻm Green National Assembly (Oliy Majlis) in Tashkent 2013 1 July 2013
10000 soms of Uzbekistan (2017) obvers.jpg 10000 soms of Uzbekistan (2017) reverse.jpg 10,000 soʻm Blue Senate (Senat) in Tashkent 2017 10 March 2017
50000 soms of Uzbekistan (2017) obverse.jpg 50000 soms of Uzbekistan (2017) reverse.jpg 50,000 soʻm 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 FRONT.png 100 000 SUM REVERS.png 100,000 soʻm 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.

Exchange rates[edit]

At its introduction on 1 July 1994, 1 U.S. dollar was equal to 25 soʻm.

2017 reform[edit]

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 soʻm's exchange rate to the US dollar increased from 4,210 Uzbek soʻm to 8,100 Uzbek soʻm. The new rate was even weaker than the soʻm'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 EUR GBP HKD JPY USD RUB CNY
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY

See also[edit]

Notes[edit]

  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". Retrieved 12 November 2017 – via www.bbc.com.
  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".
  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. Retrieved 2019-01-05.
  11. ^ "Узбекскому суму исполнилось 20 лет" (in Russian). gazeta.uz. Retrieved 2019-01-05.
  12. ^ "Узбекскому суму исполнилось 20 лет" (in Russian). gazeta.uz. 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[edit]

External links[edit]