Uzbekistan's international reserves decreased by $5.55 billion in September

Uzbekistan's international reserves amounted to $66.6 billion as of October 1, 2026. According to the Central Bank, the volume of reserves decreased by $5.55 billion or 7.7 percent in September. As of September 1, this figure was $72.1 billion.

The main reason for the decline in reserves was the fall in the value of gold. The monetary value of gold reserves dropped from $64.9 billion to $60.1 billion within a month. However, the physical volume of gold did not decrease; on the contrary, it increased from 14.1 million troy ounces to 14.3 million troy ounces.

Gold prices also fell in the international market. According to London Fixing data, the price of one troy ounce of gold dropped by 9 percent during September to $4,188.75. By October 7, the price had further declined to $4,119.

The share of gold in the structure of reserves remained at 90.2 percent. Foreign exchange reserves decreased by 10.6 percent in September, dropping from $6.6 billion to $5.9 billion. The main decrease fell to cash foreign currency and deposits. These assets decreased by $629 million, amounting to $4.24 billion.

The volume of international securities also shrank. Their value fell from $1.77 billion to $1.69 billion, while their share accounted for 2.5 percent of total reserves. Special Drawing Rights (SDR) assets of the International Monetary Fund amounted to $571 million.

Nevertheless, Uzbekistan's international reserves are higher than the figure for the same period last year. Over the year, reserves grew by $11.6 billion or 21.1 percent. During the same period in 2025, they were around $55 billion.

Over the year, the value of gold reserves rose from $44.2 billion to $60.1 billion. This represents a 35.8 percent growth. The physical volume of gold also increased from 11.6 million troy ounces to 14.3 million troy ounces. This is equivalent to approximately 85 tons of additional gold.

Conversely, foreign exchange reserves decreased from $10.2 billion to $5.9 billion over the year, shrinking by 41.7 percent. Since the beginning of the year, international reserves have grown by a total of 0.4 percent. However, they remain 13.6 percent lower than the peak figure of $77.1 billion recorded on March 1, 2026.