Uzbekistan's gold and foreign exchange reserves exceed $61 billion, the highest since 2013.

Gold shines in Central Asia as Uzbekistan builds a solid financial defense against global economic uncertainty through strategic reserve adjustments and gold industry upgrades.

As of December 1, 2025, Uzbekistan's total gold and foreign exchange reserves will reach $61.23 billion, the highest level since 2013. This figure demonstrates the country's continuously strengthening financial buffer, becoming a bright spot for economic stability in Central Asia.

In November alone, Uzbekistan's reserves increased by $1.9 billion, bringing the cumulative growth since the beginning of the year to a staggering $20 billion. This remarkable growth is primarily driven by its gold business—both the increase in gold reserves and the continued rise in international gold prices.

01 The Gold Engine of Reserve Growth

Data from the Central Bank of Uzbekistan shows that the country's physical gold reserves have increased for two consecutive months. In November alone, Uzbekistan added 310,000 troy ounces (approximately 9.64 tons) of gold reserves, bringing total reserves to approximately 12.23 million ounces (approximately 380.4 tons).

Although net reserves decreased by 2.1 tons from January to November due to the sale of some gold earlier this year when gold prices were low, the increase in gold value offset the decrease in quantity.

In November, the valuation of gold in reserves reached a record $50.86 billion, an increase of $3 billion in just one month. This is mainly attributed to international gold prices approaching historical highs by the end of 2025.

Uzbekistan's gold exports have also performed exceptionally well. From January to October 2025, Uzbekistan's gold exports exceeded $9.9 billion, a year-on-year increase of 49.4%, far surpassing the previous record of $8.15 billion set in 2023. Gold now accounts for 34.1% of the country's total exports, becoming an indispensable pillar industry.

02 Strategic Adjustment of Reserve Structure

In contrast to the significant increase in gold reserves, Uzbekistan's foreign exchange reserves decreased by $1.1 billion in November, falling to $9.8 billion. This change reflects both seasonal factors related to foreign debt repayment and a strategic adjustment by the central bank to convert some foreign exchange into gold.

Meanwhile, Uzbekistan's international securities portfolio increased by approximately $500 million, reaching $1.53 billion. The central bank is optimizing its overall reserve structure by increasing its holdings of low-risk assets such as sovereign bonds.

This adjustment in reserve structure reflects the prudent strategy of the Central Bank of Uzbekistan in the face of global economic uncertainty. By increasing the proportion of gold, a traditional safe-haven asset, the volatility risk of foreign exchange reserves is reduced, thereby strengthening the buffer of national financial security.

As of early September 2025, Uzbekistan's gold and foreign exchange reserves had reached a record $50.087 billion, an increase of $1.34 billion month-on-month and $8.9 billion compared to the beginning of the year.

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

In the first seven months of 2025, Uzbekistan's total gold exports reached US$7.58 billion, an increase of 80.9% year-on-year, exceeding the total gold exports of US$7.48 billion for the entire year of 2024.

The gold industry's contribution to Uzbekistan's national economy is not only reflected in export revenue; it has also directly created over 35,000 high-paying jobs and driven the vigorous development of downstream industries such as jewelry processing and precious metal refining. Mining taxes accounted for 12% of the country's fiscal revenue in 2024, fully demonstrating the important role of the gold industry as an economic stabilizer.

The Navoi Mining and Metallurgical Complex, a key pillar of Uzbekistan's gold industry, achieved a GDP of 60.8 trillion soms (US$4.79 billion) in the first half of 2025, a 44% year-on-year increase. The company's revenue and profit both reached record highs in the first half of the year, with revenue reaching US$4.7 billion, a 40.9% increase compared to the same period last year.

04 Comparison of Reserve Structures in Central Asia

In Central Asia, Uzbekistan ranks first in the region with total reserves of US$61.23 billion, primarily composed of gold (over 380 tons), which is growing rapidly.

Kazakhstan's foreign exchange reserves are approximately US$35-38 billion, with an additional US$60 billion from the National Fund; its gold reserves are approximately 420 tons, with a more diversified reserve structure and relatively stable growth. Tajikistan's reserves are relatively small, approximately US$3.8-4.2 billion, with about 15 tons of gold, a relatively high proportion, making it vulnerable to external shocks.

Kyrgyzstan's reserves are estimated at $2.7-3 billion, with gold reserves of 17-20 tons (affected by Kumtor mine production). These reserves are relatively unstable and highly susceptible to remittances and gold price fluctuations. Turkmenistan has not released official data; the IMF estimates it could reach $20 billion, but its reliance on natural gas exports makes it highly volatile.

This regional comparison shows that Uzbekistan, leveraging its gold advantage, has already taken a lead over its neighbors in financial stability, gaining more influence in the geoeconomic arena.

05 Strategic Choices in a Global Context

Uzbekistan's strategic choice to increase its gold reserves is particularly wise in a global context. By the end of 2025, against the backdrop of geopolitical uncertainty and a weakening dollar, international gold prices are approaching historical highs, providing a natural value buffer for countries with abundant gold reserves.

In January 2025, Uzbekistan became the world's largest official gold buyer, and this strategic move boosted its gold reserves to 390 tons, ranking 15th globally.

Meanwhile, Uzbekistan is actively expanding international cooperation. At the 25th China International Fair for Investment and Trade in Xiamen, Uzbek Deputy Prime Minister Zamshid Khozaev stated that construction of the China-Kyrgyzstan-Uzbekistan railway has officially commenced. This transcontinental strategic corridor will connect Central Asia with East Asia and European markets, significantly shortening transportation time and distance, and enhancing regional integration.

In the first ten months of 2025, Uzbekistan's total foreign trade reached US$66.5 billion, with China accounting for 19.7%. China has become Uzbekistan's largest trading partner and a major source of investment.

With continued strong global gold demand and further release of domestic production capacity, Uzbekistan is expected to achieve a significant breakthrough in gold exports by 2025. Experts predict that the country's exports may reach over US$15 billion, providing strong financial support for economic restructuring.

The gleaming gold not only reflects the solid foundation of Uzbekistan's financial reserves but also foreshadows a profound restructuring of the Central Asian economic landscape. Uzbekistan's gold strategy is giving this landlocked country unprecedented initiative on the global economic chessboard.