Uzbekistan's gold and currency reserves surge to record levels amid price increase

Uzbekistan’s official reserve assets have been increasing for the past four months, reaching a record $43.14 billion, as reported by the Central Bank.

In October alone, reserves rose by $2 billion. Uzbekistan’s gold and currency reserves previously grew by $1.06 billion in July, $1.75 billion in August, and $1.98 billion in September. Last month, foreign currency reserves specifically saw an increase of $511 million, climbing from $8.709 billion to $9.220 billion.

However, this increase does not imply a rise in the country’s gold holdings. The physical quantity of gold in reserves remains constant at 12 million troy ounces (367 tons). The growth in reserves was instead driven by an increase in gold’s value, which rose by $1.44 billion to a total of $33.36 billion.

Moreover, the Central Bank’s foreign cash reserves in overseas accounts expanded by $445.5 million, reaching $9.11 billion. Of this, $414.4 million is held across other central banks, the International Monetary Fund (IMF), and the Bank of International Settlements.

Earlier, on July 2, the Central Bank’s Board lowered the key interest rate by 0.5%, bringing it to 13.5% annually to align with inflation trends and mitigate inflationary risks. On October 31, the Central Bank confirmed the key rate would remain at 13.5% per annum.