Uzbekistan’s foreign exchange reserves continued their accelerated growth and reached $61.23 billion as of December 1, 2025, according to data from the Central Bank. This is the highest level in nearly twelve years, surpassing the figures recorded in 2013.
In November alone, the reserves grew by another $1.9 billion, while the total increase since the beginning of the year amounted to $20 billion — one of the fastest growth rates ever recorded.
Gold remains the main driver of growth
The expansion of reserves has been primarily driven by operations involving precious metals. The physical volume of gold has been increasing for the second consecutive month: in November, Uzbekistan added 310,000 troy ounces (about 9.64 tons), bringing total holdings to 12.23 million ounces, or roughly 380.4 tons.
Despite this, the year-to-date balance remains negative — from January to November, gold reserves fell by 2.1 tons due to active sales earlier in the year when global prices were lower.
In monetary terms, however, the value of the gold portfolio rose to a historic record of $50.86 billion, gaining $3 billion in just one month. The surge was driven by higher global prices amid geopolitical uncertainty and a weakening U.S. dollar.
Currency reserves down, securities portfolio up
The volume of foreign currency reserves decreased to $9.8 billion — $1.1 billion less than a month earlier. The decline is attributed to seasonal external payments and a strategic decision by the Central Bank to shift part of its liquidity toward gold.
The securities portfolio, on the other hand, increased by $503.3 million to reach $1.53 billion. The regulator continues expanding investments in low-risk sovereign instruments, further diversifying the reserve structure.
Record-breaking gold exports
Foreign trade also contributed significantly to the overall increase. From January to September 2025, Uzbekistan exported $9.9 billion worth of gold — a 70.9% increase compared to the same period in 2024. This volume is unprecedented even for a full calendar year, highlighting the growing importance of the gold industry for the national economy.
On November 1, 2025, the country’s reserves surpassed $59.3 billion for the first time. The December figure set a new all-time record.
CentralasianLIGHT.org
December 8, 2025