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.
