As of June 1, Uzbekistan’s international gold and foreign currency reserves had reached $49.66 billion, according to data from the country’s Central Bank. The bulk of the total stems from the value of its gold holdings.
More than $37.6 billion is held in gold, over $11 billion in convertible foreign currency, and about $700 million in securities.
This is the highest level since the Central Bank began publicly disclosing its reserve data in 2013.
At the start of 2025, reserves stood at $41.18 billion. This means they have grown by nearly $8.5 billion—or more than 20 percent—in just the first five months of the year.
The increase is largely attributed to the sharp rise in global gold prices. Between January and May, the price of gold rose by 25.5 percent; year-on-year, the increase stands at 41 percent. Prices have neared $3,300 per troy ounce.
Interestingly, the physical volume of gold in Uzbekistan’s reserves has declined to 355.5 metric tons—the lowest level since June 2022. The Central Bank’s data show that from February to April, the country was selling gold actively, averaging about 12 tons per month. Only in May did exports fall to 1 ton.
At the same time, the Central Bank has continued to accumulate foreign currency and increase investments in securities.
