According to the Central Bank of Uzbekistan, as of August 1, 2025, the international reserves of the Republic of Uzbekistan reached $48.743 billion. This is an increase of $193.7 million (0.4%) compared to the previous month. Since the beginning of the year, the gold and foreign exchange reserves have grown by $7.562 billion (+18.4%).

According to the Central Bank of Uzbekistan, as of August 1, 2025, the International Reserves of the Republic of Uzbekistan reached $48.743 billion. This represents an increase of $193.7 million (0.4%) compared to the previous month. Since the beginning of the year, Uzbekistan’s gold and foreign exchange reserves have grown by $7.562 billion (+18.4%).

The value of Uzbekistan’s gold reserve rose to a record $38.683 billion, an increase of $265 million (+0.7%) compared to the previous month. Since the beginning of the year, the value of the non-monetary gold reserve has increased by $6.646 billion (+20.7%). The physical volume of fine gold in the Central Bank’s reserves amounted to 11.7 million troy ounces, which is equivalent to 363.911 metric tons.

The portfolio of foreign securities in the Central Bank of Uzbekistan’s reserves exceeded $1.012 billion, having increased by $303 million (+42.8%) over the month. Since the beginning of the year, the volume of investments in these assets has grown by $910 million, showing a growth of 895.1%, from $101.7 million on January 1, 2025.

Thus, the structure of Uzbekistan’s international reserves is characterized by a significant predominance of gold. The value of non-monetary gold reached $38.683 billion, accounting for 79.4% of all assets. The second-largest component is foreign currency reserves at $9.496 billion or 19.5%. This block almost entirely consists of currency and deposits ($8.484 billion or 17.4%), of which $7.428 billion (15.2%) are placed in foreign commercial banks, and another $1.057 billion (2.2%) are held in accounts at other central banks and the IMF. Investments in foreign securities amount to $1.012 billion (2.1%). The remaining part of Uzbekistan’s international reserves is formed by Special Drawing Rights (SDRs) at $564 million (1.2%).

International (gold and foreign exchange) reserves are a strategic financial asset of the state that ensures macroeconomic stability. They perform several key functions:

1. Maintaining National Currency Stability In periods of high volatility or panic demand for foreign currency, the Central Bank can conduct foreign exchange interventions. Selling a part of the reserve assets on the domestic market helps to balance supply and demand, preventing a sharp depreciation of the national currency.

2. Ensuring Fulfillment of External Obligations Reserves guarantee the timely repayment and servicing of state and corporate external debt denominated in foreign currency. This supports the country’s high credit rating and the confidence of international investors, ensuring access to global capital markets.

3. Financing Critical Imports Reserves ensure the ability to make uninterrupted payments for the import of vital goods and services (e.g., medicines, technological equipment) under crisis conditions, such as a sharp reduction in export revenues. A sufficient level of reserves, often measured in months of future import cover, is an important indicator of economic security.

4. Amortization of External Economic Shocks Reserves act as a buffer, mitigating the impact of external shocks on the national economy. Such shocks include sharp fluctuations in world prices for key export commodities, global financial crises, or changes in international trade policy. The presence of reserves allows the monetary authorities to conduct a balanced counter-cyclical policy without resorting to emergency destabilizing measures.