USD/UZS: how a shifting soum is repricing Central Asian import parities
The Uzbek soum has appreciated roughly 3.8% against the U.S. dollar year-to-date, driven by tighter monetary policy and stronger remittance inflows. The FX move is having a material impact on delivered parity for imported feed ingredients.
Monetary policy backdrop
The Central Bank of Uzbekistan has held its policy rate at 14.0% since February. Real rates are firmly positive, and the currency has responded accordingly.
Import parity math
A 3.8% FX tailwind translates to roughly $14–18/mt of relief on delivered soybean meal parity at current price levels. For integrators budgeting 2026/27 procurement, the impact on the annual feed cost line is measurable.
Hedging considerations
Buyers with UZS-denominated revenue streams should consider layering forward FX hedges alongside physical procurement contracts. Boreal partners with regional banks to structure integrated commodity-plus-FX solutions for anchor counterparties.
FX is a first-order input to delivered feed cost in Central Asia. Boreal's trade finance desk is available to walk counterparties through the mechanics.