In January, Uzbekistan’s international reserves increased significantly, mainly due to the rise in gold prices, according to the Central Bank.
As of February 1, the country’s total international reserves reached $42.9 billion, which is $1.72 billion (+4.17%) more than the previous month. This figure is approaching the highest level recorded in October 2024.
Gold prices rise, Currency Reserves Decline
The main reason for this growth was the increase in gold prices—its value rose by $3.02 billion, reaching a record high of $35.06 billion. This is linked to the global market price of gold, which has approached $2,900 per troy ounce.
The physical volume of gold reserves also increased slightly, from 12.3 million (382.57 tons) to 12.6 million troy ounces (391.9 tons).
However, Uzbekistan’s currency reserves dropped significantly by $1.29 billion, falling below $7.3 billion at the beginning of February. Of this amount, $442.3 million is held in accounts at central banks of other countries and the International Monetary Fund, while $6.75 billion is placed in foreign commercial banks.
Investments in Securities
Besides gold, the value of securities purchased by the Central Bank also increased, reaching $102.1 million. In October last year, the regulator bought foreign bonds worth $65 million, nearly tripling their volume.
The Central Bank plans to continue purchasing U.S. government bonds in 2025. It also aims to diversify international reserves by investing in low-risk assets.
Earlier, it was reported that Uzbekistan ranked among the world’s top ten gold buyers in 2024.
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