Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s international reserves fell by US$2.96bn, or 4.5%, in October to US$63.63bn as of 1 November, the Central Bank reported.
Reserves were last lower in December 2025, when they stood at US$61.23bn.
Reserves have declined for the second consecutive month. In September, they fell by US$5.55bn, from US$72.13bn to US$66.59bn. Over the two months, the country’s reserves decreased by US$8.51bn, or 11.8%.
The Central Bank attributed October’s decline primarily to lower gold prices. During the month, the price of a troy ounce fell from US$4,188.75 to US$3,981.10, a decrease of US$207.65, or almost 5%. The regulator estimates that the price decline reduced reserves by US$3bn.
The value of the gold reserves fell by a smaller amount — US$2.04bn, from US$60.09bn to US$58.04bn. The increase in the physical volume of gold held in reserves partly offset the losses from revaluation.
In October, gold holdings increased by almost 236,000 troy ounces, or approximately 7.3 tonnes. Total holdings reached 14.58 million ounces, up from 14.34 million a month earlier, equivalent to about 453.5 tonnes.
This is the largest volume of gold held in the country’s reserves since statistics began in 2013. The previous record, about 446 tonnes, was recorded on 1 October. Gold holdings increased by approximately 7.3 tonnes in September and 8 tonnes in August.
Foreign currency assets declined more sharply than gold holdings in October, falling by 15.5% from US$5.93bn to US$5.01bn. As a result, gold’s share of total reserves rose from 90.2% to 91.2%.
