<p>The paper examines the determinants of exchange rate uctuations of Uzbek sum using three econometric models as OLS (Ordinary Least Squares), ARIMA (Autoregressive Integrated Moving Average) and MLARCH (Multivariate Longmemory Autoregressive Conditional Heteroskadasticity). Model results show that the e ects of money supply and remi ances to the nominal and real exchange rates (USD/UZS) are found statistically signi cant; the impacts of ination and interest rate are not econometrically meaningful. It should be noted that the level of net trade inuences to the exchange rate is not conclusive in the following econometric analysis.</p>