Uzbekistani monetary unit refers to the official currency used in Uzbekistan, a country located in Central Asia. The Uzbekistani monetary unit is known as the Uzbekistani som (UZS), which is the basic unit of currency in the country. The som is further divided into smaller units called tiyin.
The Uzbekistani som has been the national currency of Uzbekistan since 1994, replacing the Russian ruble after the country gained independence. It is issued and regulated by the Central Bank of the Republic of Uzbekistan, which is responsible for maintaining stability and controlling monetary policies within the country.
The Uzbekistani som is used for all financial transactions within Uzbekistan and is accepted as legal tender for the exchange of goods and services. It is represented by various banknotes of different denominations, ranging from the lowest denomination of 1 som to the highest denomination of 100,000 som. Additionally, coins exist in smaller denominations, such as 1, 5, 10, 25, and 50 tiyin.
As with any other monetary unit, the value of the Uzbekistani som can fluctuate in relation to other currencies, depending on various factors including economic indicators, market conditions, and foreign exchange rates. Economically, the Uzbekistani som plays a crucial role in shaping and reflecting the country's financial policies and overall economic stability.
