Uzbekistan sees no direct impact from halt in gold exports, Central Bank says

Uzbekistan has not exported gold in the first quarter of 2026, but this has no direct negative impact on the economy, Central Bank Chairman Timur Ishmetov shared with Daryo on April 29.

Speaking at a press conference in Tashkent, Ishmetov emphasized that economic performance should be assessed based on non-gold exports, which grew by 25% in the first quarter.

“We need to focus on exports excluding gold. Gold can significantly influence statistics. For example, in the first quarter it made the current account deficit appear larger. But the absence of gold exports has no direct negative effect,” he noted.

The Central Bank has not exported gold since October 2025, and the pause continued through April 2026.

According to Ishmetov, when the regulator purchases gold from domestic producers, it is added to the country’s reserves. Exporting gold, in turn, reduces gold holdings while increasing foreign currency assets, meaning such operations primarily affect the structure of reserves rather than the broader economy.

“We do not export gold for statistical purposes, such as improving trade balance indicators. We follow our own strategy — selling gold at favorable market conditions while maintaining sufficient liquidity. We have export plans for this year and will meet those targets,” he added.

Uzbekistan exported a record $9.9bn worth of gold in January–September 2025, accounting for 37.1% of total export revenues over that period, before shipments were halted in October.

As of April 1, 2026, Uzbekistan’s gold reserves reached 13.4mn troy ounces (417 tons), valued at approximately $60.1bn. A year earlier, reserves stood at 11.82mn troy ounces (367.6 tons) worth $36.9bn, indicating an increase of nearly 50 tonnes and almost 80% growth in value over the year.