Uzbekistan’s international reserves reach historic $55 billion mark

According to the Central Bank of Uzbekistan, the country’s gold and foreign exchange reserves increased by $4.9 billion compared to the previous month, totaling $54.99 billion as of October 1.

During September, the foreign currency portion of the reserves rose by $735 million, while the value of the gold portion jumped by $4.17 billion to $44.2 billion.

The physical volume of gold within the reserves slightly declined from 11.8 million to 11.6 million troy ounces.

Driven by the sharp rise in global gold prices, Uzbekistan’s gold and foreign exchange reserves have grown significantly since the beginning of the year. The nearly $55 billion recorded as of October 1 marks a historic peak for the country’s financial reserves.

In addition, the value of securities purchased by the Central Bank slightly increased in September, reaching $1.019 billion.

The sharp appreciation of gold prices since early 2025 is directly linked to global market trends. Between February and May, geopolitical tensions and the U.S. Federal Reserve’s monetary policy pushed gold prices sharply upward.

Although a brief decline was observed in July, prices recovered in August–September, showing a 3.4 percent rise during that period. Analysts attribute this trend to seasonal demand and global economic uncertainty. On October 7, for the first time in history, gold prices exceeded $4,000 per ounce.