TASHKENT: Uzbekistan’s international reserves rose by $7.78 billion, or 12.1%, in August, reaching a record $72.13 billion as of September 1, driven largely by a sharp increase in global gold prices and higher physical gold holdings.According to official figures, Uzbekistan’s gold reserves reached an all-time high since record-keeping began in 2013, with the country’s physical gold holdings climbing to 438.9 tonnes.
The surge in reserves was primarily fueled by rising international gold prices. The price of a troy ounce increased from $4,052.2 to $4,602, representing a gain of nearly 13.6% during the month. The increase was supported by a weaker US dollar, lower yields on US Treasury bonds, geopolitical tensions in the Middle East and stronger purchases by exchange-traded funds.The Central Bank also increased its physical gold holdings by 258.9 thousand troy ounces, equivalent to around 8.05 tonnes, bringing total holdings to approximately 14.11 million troy ounces.As a result, the value of Uzbekistan’s gold reserves jumped from $56.12 billion to $64.93 billion in August, with gold accounting for nearly 90% of the country’s international assets.
Meanwhile, foreign currency assets declined by $1.02 billion to $6.64 billion. The securities portfolio posted a marginal increase of $3.4 million, reaching $1.766 billion.The exceptionally high share of gold reflects the Central Bank’s conservative approach to reserve management. At the same time, the regulator continues to gradually diversify its reserve assets to reduce exposure to fluctuations in precious-metal prices.Uzbekistan’s strong reserve position provides an important buffer for financial stability, exchange-rate management and the timely fulfillment of the country’s external obligations.
