Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s international reserves fell by US$5.55 billion, or 7.7%, in September 2026, from US$72.1 billion to US$66.6 billion, according to Central Bank data as of 1 October.
The main reason for the decline was a drop in the value of gold. The gold component of the reserves decreased by US$4.8 billion over the month, from US$64.9 billion to US$60.1 billion, although the physical volume of gold increased from 14.1 million to 14.3 million troy ounces. International gold prices (London Fixing) fell by 9% in September to US$4,188.75 per troy ounce. As of 7 October, gold prices had declined to US$4,119 per ounce.
Gold accounted for 90.2% of total reserves, unchanged from the previous month.
Foreign exchange reserves fell by 10.6% over the month, from US$6.6 billion to US$5.9 billion. The main decline was recorded in cash and deposits, which decreased by US$629 million to US$4.24 billion.
The volume of international securities in the regulator’s portfolio decreased by US$74 million in September, from US$1.77 billion to US$1.69 billion. Previously, in July, the portfolio had fallen sharply from US$2.86 billion to US$1.76 billion, while in August it changed little. Securities accounted for 2.5% of total international reserves. Assets in Special Drawing Rights (SDRs) amounted to US$571 million.
Despite the September decline, reserves as of 1 October were 21.1%, or US$11.6 billion, higher than a year earlier, when they stood at US$55 billion. The gold component of reserves increased by 35.8% over the year, from US$44.2 billion to US$60.1 billion. The physical volume of gold rose from 11.6 million to 14.3 million ounces over the same period, an increase of approximately 85 tonnes. Foreign exchange reserves, meanwhile, fell by 41.7%, from US$10.2 billion to US$5.9 billion.
Since the beginning of the year, reserves have increased by just 0.4%, from US$66.3 billion as of 1 January. Compared with the peak recorded on 1 March 2026, when reserves stood at US$77.1 billion, they are now 13.6% lower.
