In February, the Central Bank of Uzbekistan increased its holdings of US government bonds by over $100mn, according to data from the regulator’s website.
As of March 1, the volume of securities held by the Central Bank reached $202.5mn, marking a $100.4mn increase—or more than 98%—compared to the previous month. The share of securities in the country's gold and foreign exchange reserves rose from 0.24% to 0.45%.
Uzbekistan first entered the foreign government securities market in May 2024, investing $35mn in such assets with the support of the World Bank.
In October, the Central Bank acquired US Treasury bonds worth $65mn, and by the end of 2024, its total holdings in these securities had exceeded $101mn.
In January, Deputy Chairman of the Central Bank, Abror Mirzo Olimov, reaffirmed the regulator’s commitment to diversifying Uzbekistan’s gold and foreign exchange reserves by investing in low-risk assets, while dismissing any plans to invest in cryptocurrencies.
Uzbekistan’s gold and foreign exchange reserves reached a record $44.94bn in February, marking a $2.03bn (4.74%) rise from the previous month. This surpasses the previous high of $43.14bn in October 2024. Despite the overall increase, the Central Bank’s gold reserves fell to $34.86bn, with the physical volume declining from 391.9 tons to 379.45 tons due to exports driven by favorable global prices.
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