Uzbekistan’s Reserves Reach Historic $61.23 Billion

Uzbekistan's international reserves reached a historic high of $61.23 billion as of December 1, setting a new record since the Central Bank began publishing data in 2013.

This growth was driven by several key factors, including rising global gold prices, an increase in the country's physical gold holdings, and a significant expansion in its securities portfolio, The Caspian Post reports, citing Uzbek media.

According to data from the Central Bank, reserves grew by $1.9 billion in November alone, representing a 3.2% increase from the previous month. Since the beginning of 2023, Uzbekistan has added nearly $20 billion to its reserves, marking an impressive 48.7% surge.

Gold continues to be the dominant factor behind the growth. In November, global gold prices rose from $4,013.2 to $4,159.4 per ounce, an increase of 3.6 percent, which added approximately $1.8 billion to Uzbekistan’s reserves. Price gains had already contributed an additional $4.6 billion in September and $2.5 billion in October.

The physical volume of gold rose for the second consecutive month. Uzbekistan added 310,000 troy ounces (9.64 tonnes) in November, bringing total gold holdings to 12.23 million ounces (380.4 tonnes). Despite this recent increase, the country’s gold stock has decreased by roughly 2.1 tonnes since the start of the year.

As a result of price appreciation, the value of Uzbekistan’s gold portfolio climbed by $3 billion, reaching a historic peak of $50.86 billion. Gold now accounts for around 83 percent of total reserves.

Meanwhile, the foreign currency component of the reserves declined by $1.1 billion, falling to $9.8 billion. In contrast, the value of securities held within the reserves increased by $503.3 million, rising to $1.53 billion.

Uzbekistan’s strengthened reserve position provides a substantial buffer for external stability, particularly amid global economic uncertainty and fluctuating commodity markets.