Uzbekistan’s gold and currency reserves reached $54.99 billion as of 1 October, according to data from the Central Bank. This is the highest level since records began in 2013.
In September alone, reserves grew by $4.9 billion (+9.8%), while since the beginning of the year they increased by $13.8 billion (+33.5%).
The main contributor to this growth was once again gold, whose global market price exceeded $3,800 per ounce (and surpassed $4,000 in October). According to the regulator, the effect of the gold price increase — from $3,407.5 to $3,806.5 per ounce (+11.7%) — amounted to $4.6 billion in September.
Since the start of the year, the precious metal has become one of the most profitable assets, driven first by US president Donald Trump’s trade policies, followed by expectations of an rate cut by the US Federal Reserve and Trump’s attempts to undermine the Fed’s independence.
Despite this, the value of the gold reserves increased by $4.17 billion, reaching $44.24 billion — the highest level on record. Gold now accounts for 80.4% of the country’s total reserves.
The foreign currency component of the reserves rose by $735.73 million, reaching $10.18 billion, while the value of securities in the reserves increased slightly to $1.02 billion (+$3.5 million).
