Uzbekistan's international reserves have significantly decreased by $8.09 billion after a period of continuous growth, as confirmed by data from the Central Bank. As of April 1, 2026, the country's reserves stood at $68.99 billion, primarily due to a decline in global gold prices.

The foreign currency portion of the reserves fell by $1.26 billion, while the value of the gold portion dropped by $6.82 billion. Notably, the physical volume of gold increased from 13.1 million to 13.4 million troy ounces, indicating that the country is maintaining its gold holdings.

The drop in gold prices began in March: at the start of the month, the price per troy ounce reached $5,419, but by April 1, the average price had fallen to $4,785. These shifts reflect volatility in global markets and underlying economic uncertainties.

According to the Central Bank, the securities portfolio remained largely unchanged at around $1.5 billion. This highlights Uzbekistan's diversification strategy, although the decline in gold prices has had a substantial impact on overall reserves.

As economist Ravshanbek Dalimov noted in an interview with Podrobno.uz, gold has become a 'weapon' in geopolitics, with speculative capital potentially driving its price up to $170 per gram. He emphasized the reforms needed for Uzbekistan to transform its 'golden land' into world-class jewelry brands.

Source: podrobno.uz