Uzbekistan's reserves drop to $63.63 billion in October 2026

Reserves have been shrinking for the second consecutive month. In September, the decrease amounted to $5.55 billion — falling from $72.13 billion to $66.59 billion. The figure was last lower than the current level in December 2025, when it stood at $61.2 billion.

The Central Bank sees cheaper gold as the main reason for the October decline. According to the regulator's explanation, a troy ounce fell in price over the month from $4,188.75 to $3,981.10, which reduced reserves by $3 billion. In dollar terms, the gold stock decreased less, by $2.04 billion to $58.04 billion: losses from revaluation were partly offset by an increase in the physical volume of the metal to 14.58 million troy ounces compared to 14.34 million a month earlier, or to approximately 453.5 tonnes. This is a record since statistics began in 2013. According to Gazeta.uz calculations, the stock gained about 7.5 tonnes over the month (about 7.3 tonnes according to UzDaily).

The foreign currency component of reserves decreased by $921 million, or 15.5%, from $5.93 billion to $5.01 billion. There has been no such low figure over the entire history of data publication since 2013. The foreign securities portfolio contracted by $543.2 million to $1.15 billion, while the volume of foreign currency and deposits fell to $3.86 billion. As a result, the share of gold in the reserves grew from 90.2% to 91.2%.

Since the beginning of the year, reserves have decreased by $2.69 billion from $66.31 billion. Compared with the figure from a year earlier, on November 1, 2025, the current volume is larger by about $4.29 billion.