Uzbekistan’s gold and foreign exchange reserves continued to grow, reaching a new record for the sixth consecutive month, as per to data published by the Central Bank of Uzbekistan (CBU) on February 6.
As of February 1, the total value of the country’s international reserves stood at $75.08bn. Over the course of January, reserves increased by $8.76bn, representing a month-on-month rise of 13.2%. Since the beginning of 2025, total reserves have grown by more than 82%, reflecting both changes in asset composition and market price movements.
Gold holdings remained the main driver of the increase. The value of gold reserves reached $64.97bn, setting a new record for the seventh month in a row. Compared with the previous month, the value of gold increased by $9.88bn, or 17.9%. The physical volume of gold held by the CBU also rose, reaching 12.8mn troy ounces, equivalent to 398.1 tonnes. During January, the regulator added approximately 0.2mn troy ounces, or 6.2 tonnes, to its gold reserves.
The rise in the value of gold reserves was supported by global price movements. By the end of January, international gold prices exceeded $5,500 per troy ounce, increasing by 9.3% in a single day and by more than 80% over the past year. Prices declined the following day before stabilizing again at around $5,000 per ounce.
In contrast, the foreign exchange component of Uzbekistan’s reserves declined during the month. As of February 1, foreign currency assets totaled $9.52bn, down $1.21bn, or 10.5%, from the previous month. This amount includes $1.1bn held with foreign central banks and the International Monetary Fund, as well as $7.98bn placed with other foreign credit institutions.
The value of foreign securities held by the CBU increased slightly to $1.536bn. However, due to the sharp rise in the value of gold, the share of foreign securities in total official reserves declined to 2.05%.
