Uzbekistan's gold and foreign exchange reserves hit a new milestone in February, reaching $44.94bn, the highest ever recorded. The Central Bank reported a $2.03bn (4.74%) increase from the previous month, exceeding the previous peak of $43.14bn set in October 2024.
Despite the overall increase in reserves, the value of gold held by the Central Bank declined slightly by $201.9mn to $34.86bn. The physical volume of gold reserves also fell from 391.9 tons to 379.45 tons due to gold exports amid favorable global market prices.
Meanwhile, Uzbekistan's foreign exchange reserves saw a significant rise, increasing by $2.13bn to exceed $9.53bn as of March 1. These reserves include $414.3mn held in central banks and the International Monetary Fund (IMF) and $8.91bn placed in foreign commercial banks.
The Central Bank also doubled the value of its securities holdings, increasing from $102.1mn to $202.5mn. This follows a previous investment of $65mn in foreign bonds in October 2024, nearly tripling the volume of these assets.
Looking ahead, the Central Bank plans to continue purchasing U.S. Treasury bonds to diversify and strengthen its foreign exchange reserves. The regulator aims to invest in low-risk assets to ensure financial stability.
In January 2025, Uzbekistan ranked as the world's largest gold buyer, with the Central Bank acquiring 8 tonnes of the precious metal.
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