Foreign exchange reserves of Uzbekistan surpass $49 billion as securities triple

Uzbekistan’s foreign exchange reserves reached a new all-time high in April, according to data from the Central Bank.

As of May 1, 2025, the total value of the Central Bank’s reserve assets stood at $49.25 billion — an increase of $1.4 billion or 2.93% compared to the previous month. This surpassed the previous record set in March, when reserves stood at $47.85 billion.

The value of gold held in the Central Bank’s vaults rose by $772.6 million to $37.65 billion, setting a new record. However, the actual volume of gold declined — from 11.8 million troy ounces (367 metric tons) to 11.5 million troy ounces (357.6 metric tons).

Uzbekistan’s foreign currency reserves also saw an increase — up by $616.9 million. By early May, their total had surpassed $11 billion, including $361.9 million held in accounts at other central banks and the International Monetary Fund, and $9.96 billion in foreign commercial banks.

In addition, the value of securities purchased by the Central Bank more than tripled — from $203.1 million to $703.9 million — now accounting for 1.43% of total reserves. Spot was unable to obtain a prompt comment from the Central Bank’s press service regarding the additional securities purchases.

In October 2024, the Central Bank announced it had acquired $65 million worth of foreign bonds, nearly tripling the previous volume. In 2025, the regulator plans to continue purchasing U.S. Treasury bonds. To diversify its foreign exchange reserves, the Central Bank intends to invest in risk-free assets.