Uzbekistan’s international reserves surged by $14.1bn over the past year, hitting $49.255bn as of May 1, 2025, according to data released by the Central Bank.
The increase is primarily attributed to a sharp rise in global gold prices. Although the volume of gold reserves declined during the year—from 12.3mn troy ounces (382.5 tons) in January to 11.5mn troy ounces (356.4 tons) in May—the total value of the country’s gold holdings rose to $37.652bn.
This marks a shift compared to the previous year. On May 1, 2024, Uzbekistan held the same volume of gold (11.46mn troy ounces), but the overall value of reserves stood at just $35.2bn. The Central Bank noted that while gold volume has fluctuated, the price-driven increase has pushed the value to levels not seen even in November 2024, when reserves first surpassed the $40bn mark.
The Central Bank also reported that gold exports reached $3.57bn in the first quarter of 2025, accounting for 44% of the country’s total exports during the period. This figure represents a significant jump from the $2.66bn earned from gold exports in the same period of 2024.
Approximately 24.9 tons of gold have been sold in the first four months of 2025, reflecting an active strategy to capitalize on high global prices and bolster foreign exchange reserves.
Uzbekistan’s gold and foreign exchange reserves have consistently hovered around $35bn from 2022 to mid-2023, before experiencing a notable upswing.
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