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Uzbekistan's Gold and Foreign Exchange Reserves Decreased Despite Growth in Gold Holdings

The fall in global precious metal prices and a reduction in foreign currency assets affected the overall May result

Uzbekistan's international reserve assets amounted to $70.58 billion as of June 1, 2026. According to data from the Central Bank of Uzbekistan, the figure decreased by $307.2 million, or 0.44%, in May.

The main reason for the decline was a reduction in the value of the gold component of the reserves. Although the physical volume of gold reserves grew to 13.6 million troy ounces, or approximately 423 tons, their value decreased to $61.43 billion. The result was influenced by a fall in global gold prices: during May, precious metal quotes decreased by approximately 3.3%.

The foreign currency portion of the reserves also decreased, amounting to $8.57 billion, which is $150 million less than the April level. Funds in accounts with foreign banks decreased by 20%, to $5.72 billion. At the same time, the regulator significantly increased investments in foreign securities: their volume increased by 84% over the month, reaching $2.85 billion. Thus, despite the overall decrease in reserves, the asset structure continued to shift towards more active placement of funds in international financial markets.