According to data published by the Central Bank of the Republic of Uzbekistan, Uzbekistan’s official reserve assets demonstrated steady growth in the first three months of 2025:
- As of January 1, 2025, the volume of international reserve assets amounted to $41,181.6 million, an increase of $6,616.9 million or 119.1% compared to the same period in 2024.
- By March 1, 2025, this figure had increased to $44,943.5 million, indicating growth of $3,761.9 million or 109.1% over the two-month period.
- As of April 1, 2025, Uzbekistan’s international reserves reached $47,853.8 million, an additional increase of $2,910.3 million or 106.5% for the month of March.
Compared to the same period in 2024, Uzbekistan’s international reserves increased by $13,663.5 million, or 140%.
Thus, in the first quarter of 2025, Uzbekistan’s official reserve assets grew by $6,672.2 million, or 116.2%, a significant indicator that reflects the strengthening of Uzbekistan’s financial stability.
Structure of International Reserves and Changes Therein:
Foreign Currency Reserves: This component accounted for 21.8% of the total structure of international reserves and also demonstrated positive dynamics.
From $8,597.7 million as of January 1, 2025, it increased to $9,533.2 million by March 1, and reached $10,416.2 million by April 1, 2025, an increase of 121.2%.
The increase in foreign currency reserves can be attributed to various factors, including export revenues, foreign investment inflows, and the results of the Central Bank’s foreign exchange operations.
Special Drawing Rights (SDRs): The volume of SDRs remained relatively stable, with a slight increase from $547.3 million as of January 1 to $557.6 million as of April 1.
Gold: Gold traditionally holds a significant share in Uzbekistan’s international reserves, and its value also showed substantial growth. The share of non-monetary gold in the overall structure of international reserves was 77.1%.
From $32,036.7 million at the beginning of the year, the value of the gold reserves increased to $34,860.9 million by March 1 and to $36,880.0 million by April 1.
The increase in the value of gold is due to both an increase in physical volume (although April data shows a slight decrease in volume – from 12.3 million fine troy ounces [379.45 tonnes] to 11.820 million fine troy ounces [367 tonnes]) and favorable trends in global precious metal prices.
Reserve Position in the IMF: This indicator remained virtually unchanged at $0.01 million.
Other Assets in Foreign Currency
In addition to official reserve assets, the Central Bank also takes into account other assets in foreign currency, the volume of which fluctuated during the period under review. As of January 1, 2025, their volume was $78.6 million, decreasing to $55.2 million by March 1 and increasing again to $65.7 million by April 1.
Conclusions and Economic Significance
The observed growth of Uzbekistan’s international reserves in early 2025 is a positive signal for the country’s economy. The increase in reserves indicates the strengthening of financial stability, increased confidence from international investors and creditors, and creates an additional safety cushion to mitigate potential external economic shocks.
A significant contribution to the growth of reserves was made by the increase in the value of gold reserves, which emphasizes the importance of gold as a strategic asset for Uzbekistan. The simultaneous growth of reserves in foreign currency also indicates an improvement in the external economic environment and the effectiveness of the Central Bank’s monetary policy.
The availability of a sufficient volume of international reserves allows the Central Bank to effectively conduct monetary policy, maintain the stability of the national currency, and ensure the timely fulfillment of the country’s international financial obligations.
Maintaining the trend of growth in international reserves in the future will contribute to strengthening macroeconomic stability and creating favorable conditions for sustainable economic development in Uzbekistan.