Uzbekistan’s foreign reserves hit historic high of $59.3 billion

According to the Central Bank of Uzbekistan, the country’s foreign exchange and gold reserves reached $59.33 billion as of 1 November 2025 – an increase of $4.3 billion from the previous month.

During October, the foreign currency portion of the reserves grew by $731 million, while the value of the gold holdings rose by $3.6 billion to reach $47.8 billion.

The physical volume of gold in the reserves also increased from 11.6 million to 11.9 million troy ounces.

Driven by rising global gold prices, Uzbekistan’s international reserves have expanded substantially since the start of the year. The nearly $60 billion recorded on 1 November marks the highest level in the country’s history.

In addition, the value of securities purchased by the Central Bank grew slightly during the month to $1.023 billion.

The sharp increase in gold prices since early 2025 has been closely linked to global market trends. Between February and May, geopolitical tensions and U.S. Federal Reserve policy drove gold prices significantly higher.

After a brief dip in July, prices climbed again in August–September, showing a 3.4 percent increase. Analysts attribute this dynamic to seasonal demand and ongoing global economic uncertainty.

On 20 October, the price of gold surpassed $4,381 per ounce for the first time in history. By the end of the month, expectations of easing trade tensions between the United States and China led to a partial decline in the precious metal’s price.

Overall, gold has risen by nearly 50 percent since the start of the year.