Uzbekistan’s foreign reserves reach record $43 billion

A primary driver of this growth was a continued rise in gold reserves, with the valuation reaching a record $33.36 billion in October — an increase of $1.5 billion from the previous month. The tonnage of gold reserves remained stable at 12 million troy ounces (more than 373 metric tons), although the price of gold on international markets exceeded $2,840 per ounce during October before slightly receding.

In addition to gold, Uzbekistan saw an increase in freely convertible currency holdings, which reached $9.22 billion by the end of October. This gain includes a notable rise in cash currency held in the Central Bank’s overseas accounts, which expanded by $445.5 million to a total of $9.11 billion. Of this amount, $441.4 million is maintained in accounts with other central banks and the International Monetary Fund (IMF), while $8.67 billion is held in foreign financial institutions.

Furthermore, the Central Bank nearly tripled its investments in foreign securities, surpassing the $100 million mark for the month.

The Central Bank’s gold purchasing accelerated by 12% in the third quarter, shifting Uzbekistan from a net seller to a net buyer of precious metals, a trend acknowledged by the World Gold Council (WGC) as reflective of the country's strategic adjustments in its reserve management.