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Uzbekistan’s international reserves surged in 2025, rising by $25.1 billion to reach a record $66.3 billion as of January 1, 2026, according to the Central Bank of Uzbekistan. This 61% increase compared to the start of the year was primarily driven by rising global gold prices, although foreign currency reserves also grew significantly. In December alone, gold and foreign exchange reserves increased by $5.08 billion, an 8.3% month-on-month gain. This marks the highest reserve level since the Central Bank began publishing official statistics in 2013. Gold remained the dominant contributor to the increase. According to the Central Bank, the value of gold in the country’s reserves rose by more than $4.23 billion in December, reaching $55.09 billion. The physical volume of gold holdings also expanded, growing from 12.2 million to 12.6 million troy ounces, an increase of 0.4 million ounces in just one month. Earlier in 2025, Uzbekistan’s gold strategy diverged from global trends. In September, the World Gold Council reported that Uzbekistan was the only country to record net gold sales. While most central banks were increasing their reserves, the Central Bank of Uzbekistan reduced its holdings during that period.
Uzbekistan was the only country in the world to report net gold sales in September 2025, according to data from the World Gold Council. While most central banks increased their gold reserves, the Central Bank of Uzbekistan reduced its holdings, standing out among its global peers. Based on International Monetary Fund and other publicly available data, global central banks collectively added approximately 39 tons of gold in September, marking a 79% increase over August and the highest monthly total in 2025 to date. Year-to-date, central banks have purchased around 200 tons, slightly below the 215 tons recorded during the same period in 2024. The largest buyer in September was the Central Bank of Brazil, which acquired 15 tons. Other significant purchasers included the National Bank of Kazakhstan and the Bank of Guatemala, while acquisitions by other countries were relatively modest. In the third quarter of 2025, global net purchases reached approximately 220 tons, up 28% from the previous quarter and 6% above the five-year quarterly average. This reflects a sustained interest in gold as a strategic reserve asset amid global economic uncertainty. Year-to-date, Poland's central bank has been the largest net buyer, accumulating 67 tons. Kazakhstan follows with 40 tons, while Azerbaijan’s State Oil Fund (SOFAZ) has added 38 tons. The World Gold Council emphasized that, in contrast to this trend, Uzbekistan was the only country to decrease its official gold holdings during September.
Kyrgyzstan ranked third in the world for gold exports in the first quarter of 2025, selling 3.8 tons of the precious metal on the international market, according to data from the World Gold Council. Despite this export success, Kyrgyzstan’s official gold reserves remain among the lowest in Central Asia. The country holds 34.2 tons of gold, compared to Kazakhstan’s 290 tons and Uzbekistan’s 367 tons. Uzbekistan led global gold exports during the same period with nearly 15 tons sold, while Kazakhstan opted to bolster its reserves, adding 6.5 tons in the first three months of the year. However, figures from Kyrgyzstan’s National Bank tell a different story. In June 2025, National Bank Chairman Melis Turgunbaev told parliament that the country’s reserves had reached 52 tons. This suggests either a sharp two-month increase or a discrepancy between national and international reporting standards. “Our analysts monitor gold prices and market conditions daily. We buy or sell gold as needed, just like currency, that's one of the bank's core functions,” Turgunbaev explained. “Last year, we achieved substantial income through effective reserve management. The first five months of this year have also yielded strong results.” Members of parliament expressed satisfaction with the size of the country’s gold and foreign exchange reserves, which currently stand at an estimated $3.7 billion, exceeding Kyrgyzstan’s annual state budget. Kyrgyz mining operations produce approximately 20 tons of gold annually. A significant share of this output is exported, leaving domestic jewelers with limited access to raw materials. Sales channels include the London Commodity Exchange and buyers in Switzerland. The National Bank also offers measured gold bars for public purchase at a modest premium.
