The Central Bank of the Republic of Uzbekistan has published updated data as of December 1, 2025. According to the latest statistics, the country’s volume of official reserve assets continues to demonstrate confident growth, reaching a new record level of 61.23 billion US dollars.
Record Growth and Strengthening of the Financial Cushion
As of December 1, 2025, the total volume of Uzbekistan’s international reserves amounted to 61,232.3 million dollars. This is an absolute historical record for the country. In just the last month – compared to November 1, 2025 – reserves increased by almost 1.9 billion dollars (from 59,332.7 million dollars), representing a growth of 3.2%.
Looking at the dynamics since the beginning of the year, the figures appear even more impressive. As of January 1, 2025, the volume of reserves stood at 41,181.6 million dollars. Thus, over 11 months, the country’s financial safety cushion grew by more than 20 billion dollars, or by 48.7% in relative terms. This indicates the high efficiency of state asset management and favorable macroeconomic conditions.
Gold Stock: Growth in Value and Physical Volume
Gold remains the key driver of reserve growth. As of December 1, 2025, the value of gold assets in the reserves reached 50,859.1 million dollars, which is also a record figure. For comparison, a month earlier (on November 1), this indicator was 47,848.5 million dollars. The monthly increase amounted to over 3 billion dollars, or 6.3%. Since the beginning of the year, the value of the gold stock has risen by 58.8% (from 32,036.7 million dollars on January 1).
The growth in the value of the gold stock is driven not only by price conditions in world markets but also by an increase in the physical volume of the precious metal in the reporting month. According to regulator data, the physical volume of monetary gold increased from 11.9 million troy ounces (on November 1) to 12.2 million troy ounces on December 1, 2025, showing growth of 2.5%. This confirms the Central Bank’s strategy for the continued accumulation of reliable assets.
Foreign Currency Assets
Reserves in foreign currency amounted to 9,815.4 million dollars on December 1. Despite a decrease of 10.1% compared to the previous month (from 10,914.1 million dollars), this indicator demonstrates confident growth compared to the beginning of the year. Since January 1, 2025, the volume of currency assets has increased by 1.2 billion dollars, or by 14.2%. The current volume remains sufficient to ensure foreign trade operations and maintain stability in the domestic foreign exchange market.
Diversification through Securities
Particular attention should be paid to the reserve diversification strategy. The Central Bank has significantly increased investments in securities. As of December 1, 2025, the volume of these assets amounted to 1,526.5 million dollars.
Over the last month, this figure grew by 49.2% (from 1,023.2 million dollars on November 1). An even more impressive dynamic is observed since the beginning of the year: compared to January 1, 2025 (101.7 million dollars), the volume of investments in securities increased 15 times. This indicates a qualitative improvement in the structure of reserves and the search for new income-generating instruments.
Reserve Structure Analysis
An analysis of the portfolio structure indicates the dominant role of the precious metal. As of December 1, the share of gold in the total volume of international reserves reached 83.1%.
The share of assets in foreign currency amounted to 16.0% of the total volume of reserves. At the same time, a change in structure is observed within the currency portfolio: the share of currency and deposits amounted to 13.5% of total reserves, while the share of securities grew to 2.5%. Assets in Special Drawing Rights (SDRs) amounted to about 0.9% (557.7 million dollars). Such a structure reflects a balanced approach, combining the high reliability of gold assets with the liquidity of currency funds.
Conclusion
The current state of Uzbekistan’s international reserves demonstrates a high level of the country’s financial stability. Surpassing the 61 billion dollar mark creates a solid foundation for macroeconomic stability, increases the confidence of international investors and rating agencies, and ensures reliable protection of the economy against possible external shocks. The strategy of accumulating and diversifying gold and currency reserves continues to prove its effectiveness, ensuring the confident development of the national economy.