Uzbekistan ranked among the world’s largest gold buyers in February 2026, according to the World Gold Council.
The largest gold purchase during the month was made by the National Bank of Poland, which acquired 20 tons. Uzbekistan followed with 8 tons, placing it among the leading buyers globally. Other countries increasing their gold reserves included the Czech National Bank and Bank Negara Malaysia with 2 tons each, while the People's Bank of China and National Bank of Cambodia purchased 1 ton each.
Following the latest acquisition, Uzbekistan’s total gold reserves reached 407 tons. Gold now accounts for 88% of the country’s total international reserves, reflecting a continued focus on precious metals. The World Gold Council noted that Uzbekistan has been increasing its gold holdings for five consecutive months.
Gold production in the country is primarily carried out by the Navoi Mining and Metallurgical Company and the Almalyk Mining and Metallurgical Complex. The Central Bank of Uzbekistan serves as the sole buyer of domestically produced gold and holds exclusive rights to purchase output from these enterprises.
Gold continues to play a key role in Uzbekistan’s export structure. In recent years, roughly one-third of the country’s export revenues have come from gold sales. In 2025, Uzbekistan exported gold worth a record $9.9bn. The Navoi Mining and Metallurgical Company alone produced 98.1 tons of gold during the year, valued at UZS 135.6 trillion ($11.3bn).
Uzbekistan ranks 14th globally in terms of gold reserves. As of March 1, 2026, the country’s total gold and foreign exchange reserves exceeded $77bn for the first time, with approximately $67.8bn attributed to the value of gold holdings.
