As of November 1, the international reserves of the Republic of Uzbekistan stood at $63.63 billion, marking a significant monthly decrease of $2.96 billion or 4.5%, according to official data released by the Central Bank. This figure represents the lowest level recorded since December 2025. The country's international reserves have now declined for two straight months, following a sharp $5.55 billion drop in September from $72.13 billion down to $66.59 billion. Consequently, the total volume of reserves has shrunk by $8.51 billion, or nearly 11.8%, over the span of just two months.
Key Takeaways: Uzbekistan's international reserves fell by $2.96 billion in October to $63.63 billion due to dropping global gold prices and shrinking foreign currency assets. Meanwhile, the physical volume of gold increased by 7.5 tons to a record-breaking 453.5 tons. Foreign exchange assets plunged by 15.5% to hit the lowest level since public records began in 2013.
The primary driver behind the October contraction was the downward trend in global precious metal prices. The Central Bank noted that the price of gold per troy ounce dropped from $4,188.75 to $3,981.10—a decrease of roughly 5% that had a negative valuation impact of $3 billion. However, the drop in overall gold value was partially mitigated by an increase in the physical volume of the metal held by the country. In October, the physical gold reserves expanded by 240,000 troy ounces (approximately 7.5 tons), reaching 14.58 million troy ounces (about 453.5 tons). This marks an absolute record in official statistics maintained since 2013.
Analysts attribute the broader decline in gold prices to shifting expectations regarding the monetary policy of the US Federal Reserve, a reduction in speculative market positions, and a temporary reallocation of capital from equities and precious metals into bonds. Amid the falling valuation of gold, the foreign currency component of Uzbekistan's international reserves also continued to contract severely. Foreign exchange reserve assets decreased by $921 million—dropping from $5.93 billion to $5.01 billion, a 15.5% reduction that sets a new historic low for the open statistics period.
Specifically, currency and deposits contracted by $377.8 million, while the most substantial decrease was observed in the securities portfolio, which plummeted by 543.2 million, or 32.1%, down to $1.15 billion. Over the past two months alone, the securities portfolio has decreased by over $617 million. The Central Bank has previously justified the heavy concentration of gold in its reserves as part of a conservative asset management strategy, though the regulator aims to progressively diversify holdings to reduce vulnerability to commodity price volatility.
Source: www.gazeta.uz