Uzbekistan has become a world leader in the share of gold in international reserves. According to Fitch Ratings, the rising value of the precious metal and the increase in its reserves in recent years have significantly strengthened the country's external financial position.

In 2023–2025, Uzbekistan significantly reduced its current account deficit due to increased gold exports and high global prices. At the same time, the coverage of external payments by international reserves increased, which positively affects the country's creditworthiness assessment.

However, a high concentration of reserves and exports in gold also carries risks. In the event of a sharp decline in metal prices, GDP, public finance, and balance of payments indicators could worsen, and the value of international reserves would decrease.

At the same time, Fitch does not expect that a fall in gold prices alone would lead to negative rating actions for Uzbekistan. A similar dependence on gold is observed in Kyrgyzstan, while Azerbaijan also has significant reserves of precious metal in the assets of its sovereign fund.