Uzbekistan's gold and foreign exchange reserves increased to $70.9 billion as of May 1, 2026, according to data from the Central Bank.

In March, reserves fell by $8.1 billion (-10.5%) to $68.99 billion, primarily due to a decline in gold prices on global markets.

In April, the recovery began mainly due to an increase in foreign currency assets. Specifically, foreign currency assets, which had been declining since the beginning of the year, rose by $1.15 billion during the month.

In March, the value of gold in reserves decreased by $6.8 billion to $60.8 billion. In April, this figure rose to $61.6 billion (+$0.7 billion). At the same time, the physical volume of gold decreased from 13.4 million troy ounces to 13.3 million troy ounces.

By international standards, Uzbekistan's reserve level remains very high. The Central Bank previously noted that the high share of gold in reserves reflects a conservative approach to asset management. However, the regulator has begun gradually diversifying the portfolio, taking into account risks associated with volatility in precious metal prices.

International reserves remain a key tool for macroeconomic stability. They help smooth fluctuations in the national currency exchange rate, service external obligations, finance imports in crisis situations, and protect the economy from external shocks — from falling commodity prices to turbulence in financial markets.

Source: www.gazeta.uz