Uzbekistan's international reserves declined by 9.6% in June, with the total value falling from $70.5bn to $63.7bn, according to the Central Bank.
The drop was largely driven by lower global gold prices, although the country continued to increase its physical gold reserves during the month.
As of July 1, 2026, Uzbekistan's international reserves stood at $63.7bn, down $6.8bn compared to a month earlier.
Gold remained the largest component of the country's reserves, accounting for $55.75bn. However, this was down from $61.4bn at the beginning of June, reflecting the decline in international gold prices.
Despite the lower valuation, Uzbekistan continued accumulating the precious metal. The Central Bank's gold holdings increased to 13.9mn troy ounces (432 tons), compared with 13.6mn ounces (423 tons) a month earlier.
Over the past year, the country's physical gold reserves have grown by 2.2mn troy ounces, or approximately 68.4 tons, from 11.7mn ounces in July 2025.
Foreign currency reserves also declined, falling from $8.57bn at the beginning of June to $7.44bn at the start of July—a decrease of $1.1bn.
The latest figures come after Uzbekistan's gold exports slowed sharply earlier this year. Between January and May 2026, gold exports were 4.3 times lower than during the same period of 2025. The Central Bank sold $1.5bn worth of gold in April, compared with $6.5bn in total gold exports during the first five months of 2025.
