As of July 1, Uzbekistan’s international reserves totaled $48.54bn, down $1.15bn or 2.25% from the previous month’s peak of $49.66bn, marking the first monthly decline since December 2024, according to data from the Central Bank.
The decline came despite a new high in the value of gold reserves, which rose by $763mn to reach $38.41bn, driven by an increase in gold holdings from 11.4mn to 11.7mn troy ounces.
Meanwhile, foreign exchange reserves saw a notable decrease of $1.87bn, falling to $8.85bn. This included $460.9mn held in accounts at foreign central banks and the International Monetary Fund, and $8.38bn placed in foreign commercial banks.
The Central Bank also modestly increased its holdings of foreign securities, which rose by $2.5mn to $708.8mn, representing 1.46% of the total gold and foreign exchange reserves.
In April, Uzbekistan’s gold and foreign exchange reserves exceeded $49.2bn for the third month in a row, marking a series of record highs.
In the first half of 2025, Uzbekistan emerged as the world’s top gold exporter, selling 27 tons of gold. Between January and May, gold exports totaled $6.6bn, making up 43.8% of the country’s total export earnings and marking a 56.9% increase compared to the same period in 2024.
From 2022 to mid-2023, Uzbekistan’s gold and foreign exchange reserves remained steady at around $35bn before starting to rise significantly.
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