According to the Central Bank of Uzbekistan, the country’s international reserves exceeded $77 billion as of March 2026 — more than doubling the figure from two years ago — driven primarily by the rapid rise in global gold prices and a steady increase in physical gold holdings.
According to data published by the Central Bank of the Republic of Uzbekistan in IMF format, the country’s official reserve assets stood at $77,086.35 million as of March 2026, having increased over the twelve months since March 2025 by $32,142.89 million, or 71.5%. Compared with the January 2024 figure, the increase amounted to $42,521.70 million (+123.0%), representing a more than twofold rise in reserves over two years.
Strong Momentum in the First Two Months of 2026
The most rapid growth was recorded in January–February 2026. At the start of January, reserves stood at $66,311.75 million, rising to $75,079.98 million by end of February (+$8,768.23 million, or +13.2% in a single month). In March 2026, reserves added a further $2,006.37 million (+2.7%). The combined increase over the two elapsed months — January and February — amounted to $10,774.60 million (+16.2%), an exceptional result for such a short period.
Gold — The Primary Growth Driver
The defining role in reserve formation continues to be played by physical gold in bar form held in the Central Bank’s reserve vaults. As of March 2026, its value reached $67,672.31 million (87.8% of official reserve assets), having nearly doubled since March 2025 — an increase of $32,811.37 million, or 94.1%. By comparison, gold was valued at $24,632.16 million in January 2024 and accounted for 71.3% of reserves at that time.
The physical volume of gold holdings has been steadily increased: from 11.94 million troy ounces (371.2 tonnes) in January 2024 to 13.08 million troy ounces (406.6 tonnes) in March 2026 (+9.6%, or +35.4 tonnes). Accordingly, the rise in the value of the gold component is attributable to two simultaneous factors — the expansion of physical holdings of the precious metal and a manifold increase in world prices.
It should be noted that the price benchmark for physical gold in bar form is the LBMA Gold Price — the official price set by the London Bullion Market Association, fixed twice daily through an ICE (InterContinental Exchange) auction — which stood at approximately $5,100–5,185/oz in early March 2026 (data: LBMA). Futures quotations for gold on the New York COMEX (CME Group) exchange confirmed this range during the same period (data: CME Group). The year-on-year price increase of over 80% was the key driver of reserve growth.
Foreign Currency Reserves: Structural Diversification
Foreign currency reserves in March 2026 stood at $8,837.00 million (11.5% of the portfolio), slightly below the January 2024 level of $9,369.54 million. Significant structural changes have taken place within this component. The securities portfolio, which was virtually non-existent in January 2024, reached $1,540.83 million by March 2026 — a more than fifteenfold increase from January 2025 ($101.67 million). This reflects a deliberate policy of improving the return on the currency portion of reserves through investment in securities.
At the same time, deposits held at foreign banks declined noticeably: from $8,802.72 million in January 2024 to $6,093.35 million in March 2026 (-30.8%). Conversely, deposits at central banks and the IMF grew from $566.82 million to $1,202.83 million (+112.3%), reflecting strengthened engagement with international financial institutions.
Special Drawing Rights (SDRs)
The SDR indicator remains broadly stable: $562.95 million in January 2024 and $577.04 million in March 2026 (+2.5%). The reserve position at the IMF has remained nominal throughout the entire period under review — $0.01 million.
Other Foreign Currency Assets
The “Other Foreign Currency Assets” line (Section B) shows a marked increase: from $86.27 million in January 2024 to $196.08 million in March 2026 (+127.3%). Notable growth was recorded in deposits not included in official reserve assets — from $81.25 million to $143.44 million — as well as in gold not included in official reserves, which rose from $5.01 million to $52.64 million.
Comparative Analysis of Reserve Structure
| Indicator | Jan. 2024 | Jan. 2025 | Mar. 2025 | Jan. 2026 | Feb. 2026 | Mar. 2026 |
|---|---|---|---|---|---|---|
| Official reserve assets, $ mln | 34,564.65 | 41,181.64 | 44,943.46 | 66,311.75 | 75,079.98 | 77,086.35 |
| Gold, $ mln | 24,632.16 | 32,036.68 | 34,860.94 | 55,092.42 | 64,977.10 | 67,672.31 |
| Gold share, % | 71.3% | 77.8% | 77.6% | 83.1% | 86.5% | 87.8% |
| Foreign currency reserves, $ mln | 9,369.54 | 8,597.68 | 9,533.18 | 10,644.51 | 9,522.87 | 8,837.00 |
| Currency share, % | 27.1% | 20.9% | 21.2% | 16.1% | 12.7% | 11.5% |
| SDRs, $ mln | 562.95 | 547.27 | 549.34 | 574.81 | 580.00 | 577.04 |
| Gold volume, mln troy oz | 11.94 | 12.30 | 12.18 | 12.55 | 12.83 | 13.08 |
| Gold volume, tonnes | 371.2 | 382.5 | 378.8 | 390.4 | 399.1 | 406.6 |
| Est. gold price, $/oz | ~2,063 | ~2,605 | ~2,862 | ~4,390 | ~5,064 | ~5,174 |
Analytical Assessment
Reaching the $77 billion mark firmly positions Uzbekistan among states with a high level of reserve adequacy, substantially exceeding the IMF’s threshold criteria. The concentration of 87.8% of reserves in gold reflects the Central Bank’s long-term strategic stance, which — against the backdrop of rapidly rising prices — has yielded a significant financial result: the revaluation of gold holdings alone has contributed more than $30 billion to reserve growth over 2025–2026.
At the same time, such high concentration in a single asset potentially carries volatility risks: should the price environment reverse, a decline in gold prices could exert considerable pressure on the overall level of reserves. The diversification of the currency component through the expansion of the securities portfolio (+$1,540 million) is a positive signal, indicating an evolution in reserve management practices toward enhanced returns while maintaining liquidity.