The Central Bank published updated data on Uzbekistan's international reserves a few days ago. As of January 1, the country's international assets increased to $66.3 billion. This is the highest absolute record recorded so far.
It is noteworthy that the main part of the reserves came from gold. That is, out of the total assets of 66.3 billion dollars, 55 billion dollars, in other words, about 83 percent, were formed in the form of gold.
For comparison, as of January 1, 2025, Uzbekistan's international assets amounted to $41.2 billion. At that time, the share of gold was recorded at around $32 billion. Thus, due to the increase in prices and the increase in the total value of gold, gold assets increased by 72% or $23 billion over the year.
Uzbekistan's position on gold does not end there. The country is among the world's largest gold producers and active suppliers of gold to foreign markets. The figures also show this: $4.1 billion worth of gold was sold in 2022, $8.2 billion in 2023, and $7.5 billion in 2024. In 2025, this figure increased to $9.9 billion.
Now the most interesting point is the landscape of next year. If the average price of gold during the year is $5,500 per ounce, Uzbekistan can export precious metals worth $20.8 billion in 2026. Such growth, to put it simply, provides a significant boost to state budget revenues, foreign exchange earnings, and overall exchange rate stability.
In short, the rise in gold prices is not just a "beautiful figure in statistics" for Uzbekistan - it is a major factor that directly affects economic stability.
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