Gold Strategy and Surging Reserves: Uzbekistan's Financial Breakthrough in 2025

With 12.6 million ounces of gold reserves and a total of $66.3 billion in international reserves, this Central Asian nation has secured a unique foothold in the global financial landscape.

Data from the Central Bank of Uzbekistan on January 1, 2026, shows that the country's international reserves saw significant growth in 2025, increasing by $25.1 billion throughout the year to a record $66.3 billion, a 61% increase compared to the beginning of the year.

This growth was primarily driven by rising global gold prices and a significant increase in foreign exchange reserves. In December alone, gold and foreign exchange reserves increased by $5.08 billion, an 8.3% increase month-on-month, the highest level since the central bank began publishing official statistics in 2013.

01 A Historic Breakthrough in International Reserves

Uzbekistan's international reserve growth in 2025 shows a trend of low at the beginning and high at the end. As of the end of April 2025, Uzbekistan's international reserves stood at $49.25 billion, with foreign exchange reserves increasing from $10.4 billion to $11 billion.

By the end of May, its international reserves had reached $49.66 billion, a significant increase compared to $37.4 billion in 2024.

The growth accelerated further in the second half of the year. As of December 1st, Uzbekistan's international reserves reached $61.23 billion, an increase of $1.89 billion month-on-month, representing a 3.2% increase, and a cumulative increase of 48% since the beginning of the year.

Ultimately, it will break through the $60 billion mark by the end of the year, reaching $66.3 billion.

Gold was the main contributor to this growth. In December, the country's gold reserves increased in value by more than $4.23 billion, reaching $55.09 billion, and physical gold holdings increased from 12.2 million ounces to 12.6 million ounces, an increase of 400,000 ounces in just one month.

02 Dynamic Adjustments to the Gold Strategy

At the beginning of 2025, Uzbekistan's gold strategy went against global trends. In September, the World Gold Council reported that Uzbekistan was the only country to record net sales of gold.

While most central banks were increasing their gold reserves, the Central Bank of Uzbekistan reduced its gold holdings during this period.

In the first five months of 2025, Uzbekistan's gold exports reached $6.49 billion, a year-on-year increase of 54.8%. Gold has become a major pillar of Uzbekistan's exports, accounting for nearly 44% of total export revenue, far higher than last year's 37.1%.

This strong growth in gold exports was mainly due to the global gold price climbing to a record high of nearly $3,000 per ounce, and strong international demand for gold bars.

At the beginning of 2025, the international gold price rose from $4,159.4 per ounce to $4,389.45, an increase of 5.5%, which alone contributed to an increase of approximately $2.9 billion in the value of Uzbekistan's reserves.

The turnaround occurred at the end of the year. In November 2025, Uzbekistan increased its reserves by 310,000 troy ounces (approximately 9.64 tons), bringing its total gold reserves to approximately 12.23 million ounces (approximately 380.4 tons). December saw a significant increase of 320,000 troy ounces (approximately 9.95 tons), bringing the year-end total to 12.55 million ounces (approximately 390.3 tons), an increase of 7.8 tons for the year.

03 The Pillar Role of the Gold Industry

As one of the world's major gold producers, Uzbekistan's large gold mines, such as the Muruntau gold mine, have made a significant contribution.

The mine produced 85,000 kg of gold in 2021, and its global production reached 119.6 tons in 2023, ranking tenth globally.

Uzbekistan has proven gold reserves of 6,400 tons, ranking tenth in the world, mainly distributed in Tashkent and Navoi regions. The Muruntau gold mine, located in the Kyzylkum Desert of Uzbekistan, is the world's largest open-pit gold mine, with proven reserves exceeding 4,500 tons.

The gold industry contributes to Uzbekistan's national economy in many ways. It has not only directly created over 35,000 high-paying jobs but also spurred the development of downstream industries such as jewelry processing and precious metal refining.

Mining taxes accounted for 12% of the national fiscal revenue in 2024, demonstrating the important role of the gold industry as an economic stabilizer.

04 The Global Trend of Resource Nationalism

Uzbekistan's gold strategy reflects the current global trend of rising resource nationalism. As the geopolitical importance of key minerals increases, more and more resource-rich countries are reassessing and strengthening their control over their natural resources.

Uzbekistan implemented a newly revised Law on Subsurface Resources in 2025, expanding it to 172 articles and introducing a "one-stop" licensing system, along with preferential policies such as tax breaks and export rebates.

These measures provide strong legal protection for the rational development of mineral resources and reflect the trend of the state strengthening its control over strategic resources.

In February 2025, Uzbekistan established the Technological Metals Consortium, aiming to integrate scattered domestic mineral resource development activities and increase resource added value.

The consortium has launched over 70 integrated upstream and downstream projects with a total investment of US$1.6 billion, attracting more than 60 domestic and international strategic investors.

This tendency toward state control over strategic resources intertwines with the global demand for green transformation. Toyvo Klar, Head of the EU Delegation to Uzbekistan, noted that "the EU supports Uzbekistan's efforts to develop its mining industry, strengthen its vertical value chain, and consolidate its global supply position."

05 Reshaping the Central Asian Mineral Landscape

Uzbekistan's growing gold reserves are reshaping the mineral landscape of Central Asia. With abundant reserves of key minerals such as gold, uranium, and antimony, Central Asia is gradually becoming a key force in the global mineral and metals market.

Cooperation among regional countries in key mineral sectors is strengthening. Sharhan, Deputy Minister of Industry and Construction of the Republic of Kazakhstan, stated, "We are developing proposals to deepen cooperation with Central Asia, particularly Uzbekistan, in key mineral sectors." The rising status of Central Asia in the global critical mineral supply chain is closely linked to the global energy transition. According to former Uzbek Foreign Minister Vladimir Norov, global demand for critical mineral resources could quadruple by 2030.

Uzbekistan plans to significantly increase investment in geological exploration and scientific research to enhance its ability to extract rare metals from ores and industrial waste, and to develop high-value-added production.

Looking to the future, the Governor of the Central Bank of Uzbekistan, Mamrizonov, revealed that the bank is working on establishing an export promotion mechanism for refined gold products, aiming to further enhance the added value of gold exports.

With continued strong global gold demand and further expansion of domestic production capacity, Uzbekistan is expected to achieve a new breakthrough in gold exports by 2026. Experts analyze that gold exports could reach over $15 billion, providing stronger financial support for economic restructuring.

The growing trend in gold reserves reflects a broader strategic shift: resource-rich countries are increasingly emphasizing the transformation of underground wealth into a cornerstone of sustainable development and economic stability. For Uzbekistan, gold is not only a core component of its foreign exchange reserves, but also a crucial pillar of the country's economic transformation.