As of November 1, Uzbekistan’s gold and foreign exchange reserves surged to a record $43.14bn, reflecting a $2bn increase, or nearly 5%, in international assets during October, as reported by the Central Bank. This is the highest level of reserves recorded since the Central Bank began tracking these statistics in 2013.

The main driver of this growth has been the continued increase in gold reserves, which reached a new high of $33.36bn—an increase of $1.5bn from the previous month. 

The tonnage of gold held in reserves remained steady at 12mn troy ounces (over 373 tons). While the price of gold exceeded $2,840 per ounce in October, it saw a slight decline later in the month.

In addition to the growth in gold holdings, the volume of assets in freely convertible currency also saw a significant boost, rising to $9.22bn in October. 

Cash currency in the Central Bank’s foreign accounts grew by $445.5mn, reaching $9.11bn. Of this, $441.4mn is held in other central banks and the International Monetary Fund (IMF), while the remainder is stored in foreign financial institutions.

Furthermore, the Central Bank’s investment in securities has increased dramatically, nearly tripling in just one month and surpassing $100mn.

In October, Uzbekistan ranked sixth among countries actively increasing their gold reserves between 2013 and 2023, expanding its reserves by 154 tons over the decade to strengthen its foreign exchange holdings. 

In March 2024, Uzbekistan’s Central Bank garnered attention by selling 11 tons of gold, contributing to a global rise in gold sales, with central banks collectively selling 25 tons, a 31.7% increase from the previous month. 

Additionally, in February, Uzbekistan became the world’s second-largest gold purchaser, acquiring 9 tons of gold in December 2023, up from 6.5 tons in the third quarter of the same year.