Uzbekistan’s gold and foreign currency reserves declined in March after seven consecutive months of growth, according to data released by the Central Bank.
As of April 1, the country’s total international reserves stood at more than $68.99 billion, marking a monthly decrease of over $8.09 billion, or around 10%. The Central Bank attributed the drop primarily to a fall in global gold prices during March, when the price per ounce declined from $5,174.1 to $4,553.95.
Gold remains the largest component of Uzbekistan’s reserves. Its total value fell by $6.82 billion to $60.85 billion, ending an eight-month growth streak. At the same time, the physical volume of gold held by the Central Bank continued to increase, rising by 0.3 million troy ounces to reach 13.4 million troy ounces, or approximately 416.8 tons.
Foreign currency reserves also declined over the same period. In March, they dropped by $1.26 billion, or 14.3%, to $7.57 billion. Of this amount, $1.3 billion is held in foreign central banks and the International Monetary Fund, while $4.71 billion is deposited in foreign commercial banks.
In addition, the value of foreign securities purchased by the Central Bank reached $1.545 billion, accounting for 2.24% of total reserves.
The latest figures follow a period of strong growth in Uzbekistan’s reserves. As previously reported by The Times of Central Asia, the country’s international reserves rose sharply in 2025, increasing by $25.1 billion to reach a record $66.3 billion as of January 1, 2026. This growth, equivalent to a 61% increase over the year, was largely driven by high global gold prices, alongside gains in foreign currency holdings.
