The key facts

  • Gold and foreign currency reserves as of November 1, 2026 — $63.6 billion, of which $58 billion is gold
  • The physical volume of gold reached a record 14.6 million troy ounces (454 tonnes)
  • Gold exports for January–September 2026 amounted to $2.8 billion versus $9.8 billion a year earlier

Record Gold Volume Amid Declining Reserve Value

According to the Central Bank, as of November 1, 2026, the value of Uzbekistan's gold and foreign currency reserves stood at $63.6 billion, of which $58 billion was gold. Compared with October, the total value of reserves decreased by $2.9 billion. At the same time, the physical volume of gold reached a record level — 14.6 million troy ounces, or 454 tonnes. Such figures have not been recorded during the entire period of reserve data publication: this is the highest result in at least the last nine years, and possibly in the entire history of observations.

Dynamics of Recent Years

The growth is noticeable against the backdrop of previous years: in early November 2021, reserves held 12.1 million ounces (376.3 tonnes), in 2022 — 12.8 million ounces (398 tonnes), in 2023 and 2024 — 12 million ounces each (373 tonnes), and in 2025 — 11.9 million ounces (370 tonnes). For comparison, in January 2018 the volume was 10.8 million ounces (336 tonnes), by November of the same year it had grown to 12 million ounces, and in June 2019 it fell to 11.7 million ounces; data for 2020 were not published. Thus, in just the last year the volume of gold in reserves increased by 2.75 million ounces, or 85.5 tonnes.

The Central Bank Accumulates Rather Than Sells

At the same time, Uzbekistan sharply reduced gold sales on the external market: for January–September 2026, exports amounted to $2.8 billion — the lowest figure for comparable periods in several recent years. A year earlier, the value of sales over the same nine months was 3.5 times higher — $9.8 billion. The combination of these figures shows that, against the backdrop of declining world prices for the precious metal, the Central Bank prefers to accumulate gold rather than sell it: the volume of reserves is growing, although their dollar value decreased over the month.