Tashkent, Uzbekistan (UzDaily.uz) — The international reserves of Uzbekistan decreased to US$63.7 billion as of the beginning of July 2026, losing more than US$6.8 billion over the course of a single month. The data was published in a report by the Central Bank of the republic prepared in accordance with IMF standards.
Monetary gold accounts for the bulk of the reserves, making up 87.5% of the total portfolio. Its valuation dropped to US$55.8 billion in July from US$61.4 billion recorded in June, representing a decrease of approximately US$5.7 billion.
Concurrently, the physical volume of gold continued its upward trajectory, reaching 13.88 million troy ounces by the end of June (reporting for early July) compared to 13.60 million ounces a month prior. This indicates that the decline in the monetary valuation of the gold reserves is purely price-driven, while the Central Bank continues to steadily expand its physical gold stock.
The foreign exchange component of the reserves stood at US$7.4 billion, reflecting a reduction of US$1.1 billion compared to June figures.
Within the foreign currency portfolio, a structural realignment has been observed: balances held on deposit with foreign banks dropped from US$8.8 billion at the start of the period to US$3.4 billion as of early July 2026, while investments in securities rose to US$2.9 billion. This shift demonstrates that the regulator is systematically replacing short-term deposits with longer-term financial instruments.
