Uzbekistan’s reserves reach $75 billion, with gold accounting for 85%

Uzbekistan’s international reserves increased from $66.3 billion as of January 1 to nearly $75 billion as of February 1, according to Central Bank statistics.

According to the Central Bank, nearly 85% of the reserves consist of gold. This places the country 17th in the world by gold reserves, with 380.4 tons currently held in official reserves.

According to the World Gold Council, the countries with the largest gold reserves include the United States, Germany, Italy, France, and Russia. Uzbekistan is also listed among the world’s top ten gold-producing countries. Central Bank representatives emphasize that the main criterion for storing gold is security rather than ranking.

Reserve management is based on International Monetary Fund principles, which prioritize three main criteria: safety (preventing loss of assets), liquidity (the ability to quickly convert assets into cash when needed), and profitability. According to the Central Bank, the first two principles are the priority. Unlike many other countries, Uzbekistan stores its gold reserves domestically rather than abroad.

When domestically produced gold is purchased, a large amount of local currency is injected into the economy, which can increase inflationary pressure. To address this, the Central Bank uses sterilization measures, selling foreign currency in the domestic market to absorb excess money supply. These actions are not aimed at setting the exchange rate but at reducing excess liquidity.

Despite the high share of gold, efforts to diversify reserves across different assets have begun. Since 2024, the Central Bank has invested in U.S. government bonds, forming a short-term portfolio worth $1.5 billion.

According to the Central Bank, the reserves cover 17 months of imports and exceed short-term external debt by 4.4 times, indicating that the country has a sufficient financial buffer against external economic risks.

Earlier, several factors explaining why gold is considered a strong investment were highlighted, including its status as a global asset independent of any country, a safe investment, a hedge against inflation, and an important industrial metal.