Many pictures float around the internet of people with man-high stacks of Uzbek sum as inflation sky-rocketed. Until recently, the unwillingness of the Uzbek government to recognize the high inflation of the Uzbek sum made that no higher-denominated notes were printed as prices rose. In practice, this meant that you needed a stack of bills to pay for little things like a meal or a taxi ride.
The situation made Uzbeks into some of the fastest money-counters in the world. Getting the hang of their counting technique was a rite of passage of travel in Uzbekistan.
With the ascendancy of a new president in late 2016, a new 10 000 sum bill went into print in March 2017, alleviating some of the pains. A new 50 000 bill came in September, and 100 000 sum is coming before the end of 2017.
Soon, you can just carry a wallet instead of a backpack.
On the 5th of September 2017, the Uzbek government took the momentous step of abolishing the currency black market, by raising the official rate of the Uzbek sum against the dollar from the official rate of 4210 sum/$ to 8100 sum/$, above the black market rate. At the same time, big fines were levied against those still exchanging on the black market.
In short, the black market no longer exists for tourists. You can simply and easily exchange your money at the bank. Actually, you have to.
Bringing in money
We still suggest to bring at least most of the money you plan to spend with you. There are ATM’s, but they don’t always work (see below). Previously, we recommended you brought US dollars, because they commanded a premium on the black market versus other currencies.
Since you can now easily exchange at the bank at a fair and official rate, you can also bring Euros, British pounds and Japanese Yen. These are the 4 currencies we have so far seen advertised in banks.
- Bring your passport, and your deklaratsiya (see below)
- Make sure your money is crisp and clean
- Bank opening hours are 9 to 18 Monday to Saturday
- You can exchange money in the airport, but not at the border (officially). There are no exchange offices et, only banks can exchange money.
- So far, banks only exchange foreign money into sum, not the other way around (yet)
When entering Uzbekistan, you have to declare all money you have on you. It doesn’t matter how much you have, there is no need to lie. Keep the copy of the declaration. When you exit, you have to declare all the money you have on you again. You cannot have more money with you when you exit Uzbekistan than when you entered. We don’t recall anyone ever being checked, though.
Changing sum back to USD/EUR/…
As we just said, you cannot take out more money than you bring in. Also note that Uzbek sum is completely worthless outside of Uzbekistan and you will have a very hard time to exchange it back. So do not take out too much money and spend what you have before you leave. There is currently no way yet to exchange your sum back into dollar.
Paying with credit cards is possible in a few high-end hotels and restaurants in Tashkent, where you can also get cash advances on your card. We’re unsure if Mastercard or Visa is more widely accepted, it depends who you talk to. 3% commission is normal.
ATM cash withdrawal
ATM’s in Uzbekistan dispense Uzbek som, with some also barfing US dollars. Due to lack of money they sometimes don’t work properly, and outside of Tashkent, there are not that many to begin with. So even though you will likely be able to take money out of an ATM, it is safest not to have to rely on them too much.
There is the possibility to withdraw dollars in the ATMs of luxury hotels. For instance in Tashkent the Grand Mir hotel, Uzbekistan hotel, Radisson and other 5-star hotels all offer this option. You can also withdraw dollars in the banks (especially outside of Tashkent) but it takes more time/paperwork and commission.
So there is always a way to get more money if you need it, but it’s good not to be dependent. All cash machines in town might be out of money, your card could be refused, or you may have to wait in line for hours. All of the above happen regularly.
If you are wondering how much money you should take with you to Uzbekistan, check out the travel budget page.