Uzbekistan’s gold and foreign exchange reserves have surged to record levels, approaching the $60bn mark for the first time in the country’s history.
According to the Central Bank of Uzbekistan, as of November 1, total reserves stood at $59.3bn, reflecting an increase of $4.3bn in October and nearly $18.2bn since the start of 2025.
Gold remains the dominant component, accounting for $47.8bn of total reserves, up by $3.6bn from a month earlier. The country’s gold holdings reached 11.9mn troy ounces (337.3 tons) in October, an increase of 300,000 ounces (8.5 tons) compared to September. At the beginning of the year, gold reserves stood at 12.3mn ounces.
Foreign currency assets also rose to $10.9bn, growing by $731mn during October.
“In October, Uzbekistan’s international reserves grew by $4.3bn. Of this, $2.5bn came from the rise in global gold prices—from $3,806 to $4,013 per ounce,” the Central Bank stated.
The sharp rise in reserves coincides with record-breaking gold exports. Between January and September 2025, Uzbekistan exported $9.9bn worth of gold, up 70.9% compared to the same period in 2024.
