Uzbekistan’s international reserves experienced a significant increase in 2024, growing by $6.6 billion despite a year-end decline in December. According to data from the Central Bank of Uzbekistan, total reserves stood at $41.18bn as of January 1, 2025, marking a 19.1% annual growth. However, reserves saw a slight dip of $297.2mn (-0.7%) in December, primarily due to a reduction in gold assets.
Gold Reserves Decline in Value but Remain Stable in Quantity
Gold, a key component of Uzbekistan’s reserves, saw its value drop by $704.4 mn in December, bringing the total to $32.03 bn. However, the quantity of gold held by the Central Bank remained unchanged at 12.3 mn troy ounces (382.57 tons). Despite the decline in December, Uzbekistan maintained its position as a significant player in the global gold market, becoming the world’s second-largest buyer of gold, purchasing 9 tons of gold in November 2024.
Foreign Currency Reserves Experience Growth
Uzbekistan’s foreign currency reserves rose by $414 mn in December, reaching a total of $8.59 bn at the beginning of January 2025. These reserves include $351 mn held in accounts with central banks and the International Monetary Fund (IMF), and $8.14 bn in foreign commercial banks.
Increased Investment in Government Securities
The value of government securities held by the Central Bank also saw a slight increase, reaching $101.7 mn. Notably, in October 2024, the Central Bank purchased foreign bonds worth $65 mn, nearly tripling their volume.
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