Uzbekistan’s international reserves rose to $48.74bn as of August 1, up by $193.7mn or 0.4% from the previous month, according to data from the Central Bank.
The increase was driven primarily by a rise in the value of gold reserves, which climbed by $265mn to reach a new maximum of $38.68bn.
The volume of gold remained unchanged at 11.7mn troy ounces, with the gain attributed to higher global gold prices.
In contrast, the country’s foreign exchange reserves declined by $366.3mn, falling to $8.48bn. This includes $1.05bn held in accounts at central banks and the International Monetary Fund, and $7.42bn in foreign commercial banks.
The Central Bank also expanded its investment in foreign securities, with the value of shares and bonds increasing by more than $300mn, or 42.7%, to reach $1.01bn. As a result, securities now account for over 2% of the total reserves.
Earlier it was reported that Uzbekistan became the world’s top gold buyer in June 2025, purchasing 9 tons of the precious metal after a four-month pause.
In the first half of the year, the country had sold around 18 tons of gold, more than any other nation, stressing its flexible and strategic approach to managing reserves.
As of July 1, Uzbekistan’s international reserves stood at $48.54bn, reflecting a $1.15bn (2.25%) drop from the previous month’s high of $49.66bn, the first monthly decrease since December 2024.
Between 2022 and mid-2023, the country’s reserves remained stable at around $35bn before beginning a notable upward trend.
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