As of November 1, 2025, Uzbekistan's international reserves have reached nearly $60 billion, with over 80 percent comprising gold. The Central Bank has initiated the diversification of reserves by investing approximately $1 billion in U.S. Treasury bills.
This information was disclosed by Abror Mirzo Olimov, Deputy Chairman of the Central Bank, during an international roundtable discussion held in Tashkent on November 27, 2025. In his speech, Abror Mirzo Olimov emphasized the philosophy of managing international reserves.
According to him, international reserves serve three primary purposes. Firstly, they support monetary and currency policies.
Secondly, they ensure stability against external influences and help prepare for external shocks. Thirdly, they boost confidence in the country's ability to meet its international obligations.
Uzbekistan adheres to three principles in reserve management: safety, liquidity, and profitability. Olimov stressed that asset management must generate income, but safety and liquidity remain priorities.
Between 2020 and 2025, Uzbekistan's international reserves increased from $29 billion to $60 billion. This growth was mainly driven not by an increase in currency reserves but by a sharp rise in gold prices.
In physical terms, Uzbekistan's gold reserves amount to 12 million troy ounces, remaining unchanged. However, the price of gold has risen from $1,500 in 2020 to $4,000 in 2025. According to Olimov, gold's role in international reserves is growing not only in Uzbekistan but globally.
In 2018, gold accounted for 10 percent of central banks' international reserves, whereas in 2025, this figure reached 27 percent. This rise is attributed to factors such as global uncertainty, economic instability, and political tensions.
Under these circumstances, investors choose gold to protect their assets from inflation and market fluctuations. In 2024, the Central Bank began, for the first time, allocating a portion of reserves to government securities.
Initially, $35 million was invested, later increasing to $1 billion. Explaining the reason for investing in U.S. Treasury bills, Olimov highlighted the market's high liquidity, transparency, and opportunities with varying maturities.
Olimov noted that Uzbekistan is also exploring opportunities to invest in other types of assets. However, full integration of IT systems is necessary for this endeavor.
With the support of the World Bank, software proposals have been developed in this regard, and in the future, investments in corporate bonds and securities of other international financial institutions may also be considered.
Users of Меҳмон are not allowed to comment this publication.
