Uzbekistan's gold and foreign exchange reserves reached $77.09 billion in value as of March 1, 2026, the Central Bank said in a report. This is a record high for the entire statistical period since 2013.
In February, reserves grew by another $2 billion (+2.7%), and have increased by $10.8 billion (+16.2%) year-to-date.
The main driver of this growth was once again the rise in gold prices on global markets. Reportedly, the increase in the gold price from $5,063.45 to $5,174.1 per ounce (+2.2%) added approximately $1.4 billion to the reserves (in November, there was an increase of $1.8 billion, in December $2.9 billion, and in January $8.6 billion).
The physical volume of gold reserves has increased for the fifth consecutive month (during this period, the Central Bank has been buying gold instead of selling it). In February, it increased by 250,000 troy ounces (7.8 tonnes) to 13.08 million ounces (406.8 tonnes). This is also a record high since statistics were compiled.
Amid rising global prices, the value of gold reserves increased by $2.7 billion, reaching an all-time high of $67.7 billion. Gold accounts for approximately 87.8% of the country's total reserves.
The foreign exchange portion of reserves, as in the previous month, decreased again by $685.9 million, to $8.8 billion (the lowest since January 1, 2025).
The volume of securities increased slightly, to $1.54 billion.
By international standards, Uzbekistan's reserves are very high. They are capable of covering approximately 20 months of imports, while the minimum recommended by the International Monetary Fund is three months.
The Central Bank previously underscored that the high share of gold in its reserves reflects a conservative approach to asset management. At the same time, the regulator has begun gradually diversifying its portfolio, taking into account the risks of precious metal price volatility.
International reserves remain a key instrument of macroeconomic stability. They help smooth out fluctuations in the national currency exchange rate, service external liabilities, finance imports in crisis situations, and protect the economy from external shocks—from falling commodity prices to turbulence in financial markets.
