Uzbekistan’s international reserves hit record $49.6 billion, driven by gold surge

According to the Central Bank of Uzbekistan, the country’s foreign exchange and gold reserves continued to rise in May, reaching $49.66 billion — an all-time record since official statistics were first recorded in 2013.

Compared to April, the reserves increased by $410.2 million, or 0.8%.

The surge has now lasted five consecutive months. Since the beginning of 2025, the reserves have grown by $8.48 billion, representing a 20.6% increase.

Once again, the primary driver of this growth has been gold, which continues to maintain high prices on the global market.

In May, gold prices rose by 0.6%, from $3,272.7 to $3,292.1 per ounce. Over the first five months of this year, gold has appreciated by 25.5%, and by 41.3% over the past 12 months. Since the start of the year, gold has become one of the most profitable assets amid U.S. trade policy developments under President Donald Trump.

Between February and April, Uzbekistan sold about 12 tons of gold per month. In May, however, sales dropped sharply to just 30,000 troy ounces (less than 1 ton). The physical volume of gold held in reserves now stands at 11.43 million troy ounces (355.5 tons) — the lowest since June 2022.

Despite the decrease in volume, the value of gold in the reserves increased by $2.2 million in May, reaching $37.65 billion.

The foreign currency component of the reserves also grew by $411.9 million, totaling $11.44 billion — the highest level since December 2022.

The Central Bank continues to diversify its portfolio. In May, it acquired an additional $2.4 million worth of securities, bringing the total to $706.3 million.

However, S&P Global Ratings projects that the Central Bank’s accessible reserves will decline to $36.3 billion by 2026 and fall further to $30.07 billion by 2028. This is partly due to expected gold revaluation amid anticipated price decreases.