Overview of the dynamics of the international reserves of the Republic of Uzbekistan
Indicators as of January 1, 2026, demonstrate a qualitative breakthrough in sovereign asset management and the formation of a historically maximum safety cushion.
1. Aggregated Indicators and Growth Dynamics
As of January 1, 2026, the gross international reserves of the Republic of Uzbekistan reached a historical maximum, amounting to $66,311.75 million.
Time series analysis demonstrates unprecedented positive dynamics. Compared to the beginning of 2025 ($41,181.64 million), the volume of reserves increased by $25,130.11 million, corresponding to a 61.02% year-on-year growth. Looking at the two-year trend (since Jan 1, 2024), total asset growth amounted to 91.85% (an absolute increase of +$31,747.10 million).
Such substantial liquidity accumulation forms a powerful macroeconomic buffer that significantly exceeds standard reserve adequacy metrics (covering 3 months of imports), serving as a fundamental signal of financial stability for sovereign ratings and foreign investors.
2. Structural Portfolio Analysis: Gold Dominance
Monetary gold continues to play a key role in the structure of reserve assets.
-
Value Volume: As of Jan 1, 2026, the valuation of gold reserves amounted to $55,092.42 million, equivalent to 83.1% of total reserves.
-
Physical Volume: The physical stock of monetary gold on the reporting date is recorded at 12.55 million troy ounces (approximately 390.3 tons).
Qualitative growth in physical volumes should be noted: over the reporting year, the gold stock increased by 0.25 million troy ounces (~7.8 tons). The significant increase in valuation (+71.97% compared to 2025) is driven by both the increase in physical mass and favorable conditions in the global precious metals market. This confirms the effectiveness of the strategy to hedge currency risks through the gold component.
3. Currency Diversification and Liquidity Management
Foreign currency assets demonstrated confident recovery and growth, amounting to $10,644.51 million (16.05% of the total portfolio). Annual growth was 23.81% (+$2,046.83 million).
Key changes are observed in the asset allocation structure within the currency portfolio:
-
Securities: Exponential growth in investments in high-grade securities was recorded. The portfolio volume grew from $101.67 million (2025) to $1,531.75 million (2026). Growth of more than 15 times (+1406.6%) indicates the regulator’s active transition to more profitable reserve management strategies.
-
Currency and Deposits: The total volume amounted to $9,112.76 million, an increase of 7.26%. Notably, funds placed with other central banks and the IMF grew more than 4.2 times (from $350.99 to $1,484.34 million), which minimizes counterparty risks in the commercial sector.
Conclusion
Financial results by the beginning of 2026 unequivocally testify to the highest safety margin of Uzbekistan’s economy. Reaching the $66.3 billion mark is not just a statistical record, but the result of the Central Bank’s prudent and far-sighted policy.
The reserve structure, combining a powerful gold component (nearly 400 tons of real assets) and a growing portfolio of income-generating currency instruments, guarantees the Republic unconditional solvency and investment attractiveness. Such a safety margin allows the state to confidently implement long-term economic reforms, mitigating any external shocks.