Uzbekistan's Foreign Reserves Soar to Record $59.3 Billion

TASHKENT, Uzbekistan – Uzbekistan's official reserve assets have reached a historic high of $59.3 billion as of November 1, 2025, marking an unprecedented milestone for the Central Asian nation. This figure, confirmed by the Central Bank of Uzbekistan, represents a substantial increase and reflects the country's robust financial position.

Significant Monthly Growth

The latest data indicates a rapid accumulation of reserves, with an increase of $4.3 billion in October alone. This monthly surge contributed to an overall growth of nearly $18.2 billion since the beginning of 2025. The previous record was set just a month prior, with reserves standing at $54.99 billion as of October 1, 2025.

Gold Dominates Reserve Composition

A primary driver of this record-breaking growth has been the appreciation in the value of gold holdings. As of November 1, 2025, gold reserves accounted for a substantial $47.8 billion of the total. The physical volume of gold in the reserves also saw an increase, rising from 11.6 million to 11.9 million troy ounces. Global gold prices have risen by almost 50 percent since the start of the year, significantly boosting the value of Uzbekistan's gold assets. Foreign currency reserves also contributed to the total, amounting to $9.8 billion, alongside $1.023 billion in securities.

Economic Implications and Stability

The substantial increase in foreign reserves is a strong indicator of Uzbekistan's strengthening financial stability. Experts note that high reserve levels enhance confidence among international investors and creditors, providing an additional safety cushion against potential external economic shocks. This robust reserve position empowers the Central Bank to effectively conduct monetary policy, maintain the stability of the national currency, and ensure the timely fulfillment of the country's international financial obligations. The sustained growth in reserves is seen as a positive signal for the country's economic outlook, supporting its ability to respond to market changes and fostering conditions for sustainable economic development.