TASHKENT - Uzbekistan's gold and foreign exchange reserves totaled $68.99 billion as of April 1, 2026, declining for the first time since July 2025, according to data from the Central Bank of Uzbekistan, Gazeta.uz reports.
In March, international reserves decreased by $8.1 billion (-10.5%), virtually eliminating the increase since the beginning of the year. The key factor was the decline in global gold prices: from $5,174.1 to $4,553.95 per ounce (-12%), which reduced the reserve estimate by $8.3 billion.
Meanwhile, the physical volume of gold in reserves has increased for the sixth consecutive month. In March, the Central Bank acquired an additional 280,000 troy ounces (8.7 tonnes), bringing its total reserves to a record 13.36 million ounces (415.5 tonnes). However, due to falling prices, the value of gold reserves decreased by $6.82 billion to $60.85 billion. Gold accounts for 88.2% of the country's total reserves.
The foreign exchange component of reserves decreased by $1.27 billion to $7.57 billion, the lowest since January 1, 2025. The volume of securities increased slightly to $1.54 billion.
Despite the monthly decline, Uzbekistan's reserves remain high by international standards: they can cover approximately 17.5 months of imports, compared to the IMF-recommended minimum of three months.
The Central Bank notes that the high share of gold reflects a conservative approach to asset management. At the same time, the regulator has begun gradually diversifying its portfolio, taking into account the volatility of precious metal prices.
International reserves continue to perform a key function of macroeconomic stability: smoothing exchange rate fluctuations, servicing external liabilities, and protecting the economy from external shocks.
CentralasianLIGHT.org
April 8, 2026