According to the Central Bank of Uzbekistan, the country's gold and foreign exchange reserves decreased to $68.99 billion as of April 1, 2026. This marks the first decline in reserves since July, with a reduction of $8.1 billion (-10.5%) in March alone, nearly offsetting all growth since the beginning of 2026.
The primary factor was the drop in gold prices on global markets. Based on Central Bank calculations, the price fall from $5,174.1 to $4,553.95 per ounce (-12%) reduced reserves by $8.3 billion. This decline followed increases of $2.9 billion in December, $8.6 billion in January, and $1.4 billion in February.
The physical volume of precious metal in reserves has been rising for the sixth consecutive month, as the Central Bank purchased gold instead of selling it during this period. In March, it increased by 280,000 troy ounces (8.7 tons), reaching 13.36 million ounces (415.5 tons), a record high for the statistical period.
Amid rising global prices, the value of gold reserves fell by $6.82 billion to $60.85 billion. Nearly 88.2% of the country's total reserves are allocated to gold. The currency portion of reserves, similar to the previous month, decreased by another $1.27 billion to $7.57 billion, the lowest level since January 1, 2025.
By international standards, Uzbekistan's reserve level remains very high. They can cover approximately 17.5 months of imports, while the minimum indicator recommended by the International Monetary Fund is 3 months. The Central Bank previously emphasized that the high share of gold in the reserve structure reflects a conservative approach to asset management.
However, the regulator has begun a gradual diversification of the portfolio, considering the risks of volatility in precious metal prices. International reserves continue to be a key tool for macroeconomic stability, allowing for the mitigation of national currency exchange rate fluctuations, servicing external obligations, and protecting the economy from external shocks, ranging from declines in commodity prices to instability in financial markets.
Source: www.gazeta.uz