{"id":5961,"date":"2026-03-07T10:00:26","date_gmt":"2026-03-07T05:00:26","guid":{"rendered":"https:\/\/invexi.org\/?p=5961"},"modified":"2026-03-08T11:07:09","modified_gmt":"2026-03-08T06:07:09","slug":"uzbekistan-s-international-reserves-reach-record-77-1-billion","status":"publish","type":"post","link":"https:\/\/invexi.org\/uz\/press\/uzbekistan-s-international-reserves-reach-record-77-1-billion\/","title":{"rendered":"O\u2018zbekistonning xalqaro zaxiralari rekord darajadagi 77,1 milliard dollarga yetdi"},"content":{"rendered":"

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O\u2018zbekiston Markaziy bankining ma\u2019lumotlariga ko\u2018ra, 2026-yil mart holatiga ko\u2018ra mamlakatning xalqaro zaxiralari 77 milliard dollardan oshdi \u2014 bu ko\u2018rsatkich ikki yil oldingi raqamga nisbatan ikki baravardan ko\u2018proqdir. Bu asosan jahon bozorida oltin narxining keskin ko\u2018tarilishi va oltin zaxiralarining jismoniy hajmi barqaror oshishi hisobiga yuz berdi.<\/strong><\/em><\/p>\n

O\u2018zbekiston Respublikasi Markaziy banki tomonidan IMF (Xalqaro valyuta jamg\u2018armasi) formatida e\u2019lon qilingan ma\u2019lumotlarga ko\u2018ra, 2026-yil mart holatiga ko\u2018ra mamlakatning rasmiy zaxira aktivlari 77 086,35 million dollarni tashkil etdi. Bu ko\u2018rsatkich 2025-yilning martidan buyon o\u2018tgan o\u2018n ikki oy ichida 32 142,89 million dollarga yoki 71,5 foizga ko\u2018paygan. 2024-yil yanvar oyi ko\u2018rsatkichi bilan taqqoslaganda, o\u2018sish 42 521,70 million dollarni (+123,0%) tashkil etdi, bu esa ikki yil ichida zaxiralarning ikki barovardan ziyod o\u2018sishini anglatadi.<\/strong><\/em><\/p>\n

2026-yilning birinchi ikki oyidagi kuchli sur\u2019at<\/span><\/strong><\/p>\n

Eng tez o\u2018sish sur\u2019atlari 2026-yilning yanvar-fevral oylarida qayd etildi. Yanvar oyi boshida zaxiralar 66 311,75 million dollarni tashkil etgan bo\u2018lsa, fevral oyi oxiriga kelib bu ko\u2018rsatkich 75 079,98 million dollargacha ko\u2018tarildi (bir oy ichida +8 768,23 million dollar yoki +13,2%). 2026-yil martida zaxiralar yana 2 006,37 million dollarga (+2,7%) ko\u2018paydi. Yanvar va fevral oylaridagi umumiy o\u2018sish 10 774,60 million dollarni (+16,2%) tashkil etdi, bu esa bunday qisqa muddat uchun favqulodda natijadir.<\/p>\n

Oltin \u2014 o\u2018sishning asosiy drayveri<\/strong><\/span><\/p>\n

Zaxiralarni shakllantirishda Markaziy bankning zaxira omborlarida saqlanayotgan quyma shaklidagi jismoniy oltin asosiy rol o\u2018ynashda davom etmoqda. 2026-yil mart holatiga ko\u2018ra, uning qiymati 67 672,31 million dollarga (rasmiy zaxira aktivlarining 87,8 foizi) yetdi va 2025-yil martiga nisbatan deyarli ikki barobar \u2014 ya\u2019ni 32 811,37 million dollarga yoki 94,1 foizga oshdi. Taqqoslash uchun, 2024-yil yanvarida oltin 24 632,16 million dollarga baholangan va o\u2018sha paytdagi zaxiralarning 71,3 foizini tashkil etgan edi.<\/p>\n

Oltin zaxiralarining jismoniy hajmi ham barqaror ravishda oshirib borildi: 2024-yil yanvaridagi 11,94 million troya unssiyasidan (371,2 tonna) 2026-yil mart oyida 13,08 million troya unssiyasigacha (406,6 tonna) yetdi (+9,6% yoki +35,4 tonna). Shunga ko\u2018ra, oltin komponenti qiymatining oshishi bir vaqtning o\u2018zida ikkita omil \u2014 qimmatbaho metallning jismoniy zaxiralari kengayishi va jahon narxlarining bir necha barobar o\u2018sishi bilan bog\u2018liqdir.<\/p>\n

Ta\u2019kidlash joizki, quyma oltin uchun narx mezoni bo\u2018lib London Oltin Quyish Bozori Assotsiatsiyasi (LBMA) tomonidan belgilanadigan rasmiy narx \u2014 LBMA Gold Price hisoblanadi. Bu narx kuniga ikki marta ICE (InterContinental Exchange) auksioni orqali belgilanadi \u0432\u0430 2026-yil mart oyi boshida bir unssiya uchun taxminan 5 100 \u2013 5 185 dollarni tashkil etdi (ma\u2019lumotlar: LBMA). Nyu-Yorkdagi COMEX (CME Group) birjasining oltin fyuchers kotirovkalari ham xuddi shu davrda ushbu diapazonni tasdiqladi (ma\u2019lumotlar: CME Group). Narxlarning yil davomida 80 foizdan ko\u2018proqqa oshishi zaxiralar o\u2018sishining asosiy omili bo\u2018ldi.<\/p>\n

Xorijiy valyuta zaxiralari: tarkibiy diversifikatsiya<\/span><\/strong><\/h2>\n

2026-yil mart oyida xorijiy valyuta zaxiralari 8 837,00 million dollarni (portfelning 11,5 foizi) tashkil etdi, bu 2024-yil yanvaridagi 9 369,54 million dollarlik darajadan biroz pastroqdir. Ushbu komponent ichida sezilarli tarkibiy o\u2018zgarishlar yuz berdi. 2024-yil yanvarida deyarli mavjud bo\u2018lmagan qimmatli qog\u2018ozlar portfeli 2026-yil martiga kelib 1 540,83 million dollarga yetdi \u2014 bu 2025-yil yanvaridagi (101,67 million dollar) ko\u2018rsatkichdan 15 baravardan ko\u2018proq o\u2018sish demakdir. Bu zaxiralarning valyuta qismini qimmatli qog\u2018ozlarga investitsiya qilish orqali uning daromadliligini oshirishga qaratilgan maqsadli siyosatni aks ettiradi.<\/p>\n

Shu bilan birga, xorijiy banklardagi depozitlar sezilarli darajada kamaydi: 2024-yil yanvaridagi 8 802,72 million dollardan 2026-yil martida 6 093,35 million dollargacha (-30,8%). Aksincha, boshqa markaziy banklar va IMFdagi depozitlar 566,82 million dollardan 1 202,83 million dollargacha (+112,3%) o\u2018sdi, bu esa xalqaro moliya institutlari bilan hamkorlik kuchayganini ko\u2018rsatadi.<\/p>\n

Maxsus qarz olish huquqlari (SDR)<\/strong><\/span><\/h2>\n

SDR ko\u2018rsatkichi umuman olganda barqaror bo\u2018lib qolmoqda: 2024-yil yanvarida 562,95 million dollar va 2026-yil martida 577,04 million dollar (+2,5%). Ko\u2018rib chiqilayotgan butun davr mobaynida IMFdagi zaxira pozitsiyasi nominal darajada \u2014 0,01 million dollar miqdorida saqlanib qoldi.<\/p>\n

Boshqa xorijiy valyuta aktivlari<\/strong><\/span><\/h2>\n

«Boshqa xorijiy valyuta aktivlari» satrida (B bo\u2018limi) keskin o\u2018sish kuzatilmoqda: 2024-yil yanvaridagi 86,27 million dollardan 2026-yil martida 196,08 million dollargacha (+127,3%). Rasmiy zaxira aktivlariga kiritilmagan depozitlarda \u2014 81,25 million dollardan 143,44 million dollargacha, shuningdek, rasmiy zaxiralarga kiritilmagan oltin zaxiralarida \u2014 5,01 million dollardan 52,64 million dollargacha sezilarli o\u2018sish qayd etildi.<\/p>\n

Zaxiralar tarkibining qiyosiy tahlili<\/strong><\/span><\/h2>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Ko\u2018rsatkich<\/strong><\/td>\nYanvar 2024<\/strong><\/td>\nYanvar 2025<\/strong><\/td>\nMart 2025<\/strong><\/td>\nYanvar 2026<\/strong><\/td>\nFevral 2026<\/strong><\/td>\nMart 2026<\/strong><\/td>\n<\/tr>\n<\/thead>\n
Rasmiy zaxira aktivlari, mln $<\/strong><\/td>\n34 564,65<\/span><\/td>\n41 181,64<\/span><\/td>\n44 943,46<\/span><\/td>\n66 311,75<\/span><\/td>\n75 079,98<\/span><\/td>\n77 086,35<\/b><\/span><\/td>\n<\/tr>\n
Oltin, mln $<\/strong><\/td>\n24 632,16<\/span><\/td>\n32 036,68<\/span><\/td>\n34 860,94<\/span><\/td>\n55 092,42<\/span><\/td>\n64 977,10<\/span><\/td>\n67 672,31<\/span><\/td>\n<\/tr>\n
Oltinning ulushi, %<\/strong><\/td>\n71,3%<\/span><\/td>\n77,8%<\/span><\/td>\n77,6%<\/span><\/td>\n83,1%<\/span><\/td>\n86,5%<\/span><\/td>\n87,8%<\/span><\/td>\n<\/tr>\n
Xorijiy valyuta zaxiralari, mln $<\/strong><\/td>\n9 369,54<\/span><\/td>\n8 597,68<\/span><\/td>\n9 533,18<\/span><\/td>\n10 644,51<\/span><\/td>\n9 522,87<\/span><\/td>\n8 837,00<\/span><\/td>\n<\/tr>\n
Valyutaning ulushi, %<\/strong><\/td>\n27,1%<\/span><\/td>\n20,9%<\/span><\/td>\n21,2%<\/span><\/td>\n16,1%<\/span><\/td>\n12,7%<\/span><\/td>\n11,5%<\/span><\/td>\n<\/tr>\n
SDR, mln $<\/strong><\/td>\n562,95<\/span><\/td>\n547,27<\/span><\/td>\n549,34<\/span><\/td>\n574,81<\/span><\/td>\n580,00<\/span><\/td>\n577,04<\/span><\/td>\n<\/tr>\n
Oltin hajmi, mln troya unssiya<\/strong><\/td>\n11,94<\/span><\/td>\n12,30<\/span><\/td>\n12,18<\/span><\/td>\n12,55<\/span><\/td>\n12,83<\/span><\/td>\n13,08<\/span><\/td>\n<\/tr>\n
Oltin hajmi, tonna<\/strong><\/td>\n371,2<\/span><\/td>\n382,5<\/span><\/td>\n378,8<\/span><\/td>\n390,4<\/span><\/td>\n399,1<\/span><\/td>\n406,6<\/span><\/td>\n<\/tr>\n
Hisoblangan oltin narxi, $\/unssiya<\/strong><\/td>\n~2 063<\/span><\/td>\n~2 605<\/span><\/td>\n~2 862<\/span><\/td>\n~4 390<\/span><\/td>\n~5 064<\/span><\/td>\n~5 174<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/h2>\n

Tahliliy baho<\/strong><\/span><\/h2>\n

77 milliard dollarlik marraga erishish O\u2018zbekistonni zaxiralar yetarliligi yuqori darajada bo\u2018lgan davlatlar qatoriga mustahkam joylashtiradi va IMFning minimal mezonlaridan sezilarli darajada oshib ketadi. Zaxiralarning 87,8 foizi oltinda jamlanishi Markaziy bankning uzoq muddatli strategik yondashuvini aks ettiradi va bu narxlarning tez o\u2018sishi fonida salmoqli moliyaviy natija berdi: faqatgina oltin zaxiralarini qayta baholashning o\u2018zi 2025\u20132026-yillar davomida zaxiralar o\u2018sishiga 30 milliard dollardan ortiq hissa qo\u2018shdi.<\/p>\n

Shu bilan birga, yagona aktivdagi bunday yuqori konsentratsiya potensial volatillik (narxlarning o\u2018zgaruvchanligi) xatarlarini ham keltirib chiqarishi mumkin: agar bozordagi vaziyat o\u2018zgarsa, oltin narxining tushishi zaxiralarning umumiy darajasiga sezilarli bosim o\u2018tkazishi mumkin. Qimmatli qog\u2018ozlar portfelining kengayishi (+1 540 million dollar) orqali valyuta komponentining diversifikatsiya qilinishi ijobiy signal bo\u2018lib, bu zaxiralarni boshqarish amaliyotining likvidlikni saqlagan holda daromadlilikni oshirish tomon rivojlanayotganidan dalolat beradi.<\/p>\n

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Manba: O\u2018zbekiston Respublikasi Markaziy banki<\/strong><\/a><\/p>\n<\/div>\n

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O\u2018zbekiston Markaziy bankining ma\u2019lumotlariga ko\u2018ra, 2026-yil mart holatiga ko\u2018ra mamlakatning xalqaro zaxiralari 77 \u043c\u0438\u043b\u043b\u0438\u0430\u0440\u0434 dollardan oshdi \u2014 bu ko\u2018rsatkich \u0438\u043a\u043a\u0438 \u0439\u0438\u043b \u043e\u043b\u0434\u0438\u043d\u0433\u0438 \u0440\u0430\u049b\u0430\u043c\u0433\u0430 \u043d\u0438\u0441\u0431\u0430\u0442\u0430\u043d \u0438\u043a\u043a\u0438 \u0431\u0430\u0440\u0430\u0432\u0430\u0440\u0434\u0430\u043d \u043a\u045e\u043f\u0440\u043e\u049b\u0434\u0438\u0440.<\/p>\n","protected":false},"author":1,"featured_media":5966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-5961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/posts\/5961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/comments?post=5961"}],"version-history":[{"count":13,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/posts\/5961\/revisions"}],"predecessor-version":[{"id":5975,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/posts\/5961\/revisions\/5975"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/media\/5966"}],"wp:attachment":[{"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/media?parent=5961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/categories?post=5961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/tags?post=5961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}