Uzbekistan’s gold and foreign exchange reserves reach record high

Uzbekistan’s gold and foreign exchange reserves increased by almost $5 billion in a single month, according to data published by the Central Bank.

As of October 1, 2025, the country’s reserves amounted to $44.2 billion, of which around $40 billion was in gold. The remaining portion was held in foreign currency and securities.

For comparison, during the same period in 2024, Uzbekistan’s reserves stood at $41.1 billion — meaning they have grown by $13.9 billion over the past year. The bulk of this growth, $12.4 billion, was attributed to a sharp rise in global gold prices.

According to Bloomberg, since the beginning of 2025, the price of an ounce (31.1 grams) of gold has risen from $2,600 to $4,000 — an increase of nearly 50%.

Despite the rise in value, the physical volume of gold reserves has slightly decreased. As of October 1, Uzbekistan held 11.6 million ounces (409.1 tons) of gold, compared to 11.8 million ounces in August and 12.3 million ounces at the beginning of September.

According to the Statistics Agency, from January to August 2025, Uzbekistan exported goods and services worth $22.98 billion, of which $8.42 billion (36.7%) came from gold exports — the highest share in the country’s history.