Uzbekistan's international reserves decreased to $63.7 billion as of the beginning of July 2026. In one month, there was a decline of more than $6.8 billion. This data was published by the country's Central Bank in a report prepared according to IMF standards.
Monetary gold constitutes the main part of the reserves, accounting for 87.5% of the total portfolio. Its value in July fell to $55.8 billion from $61.4 billion recorded in June, corresponding to a decrease of approximately $5.7 billion. Meanwhile, the physical volume of gold continued to grow, reaching 13.88 million troy ounces by the end of June (data for the beginning of July), compared to 13.60 million ounces in the previous month. This indicates that the drop in the monetary valuation of gold reserves is solely due to price changes, while the Central Bank consistently increases its physical gold holdings.
The currency component of the reserves amounted to $7.4 billion, reflecting a reduction of $1.1 billion compared to June figures. A structural reorganization is observed in the currency portfolio: balances in foreign bank deposits decreased from $8.8 billion at the beginning of the period to $3.4 billion as of the beginning of July 2026. Simultaneously, investments in securities increased to $2.9 billion. This shift demonstrates that the regulator is systematically replacing short-term deposits with longer-term financial instruments.
According to data from the National Committee of the Republic of Uzbekistan on Statistics, Uzbekistan did not export gold in May 2026.
The agency's data shows that the total volume of gold exports for the period from January to May 2026 amounted to 1.503 billion US dollars. This figure completely matches the data for January-April, indicating no shipments specifically in May.
For comparison, in the same period in 2025, Uzbekistan exported gold worth 6.492 billion US dollars. Consequently, gold exports this year decreased by 76.84% compared to last year for the same period.
As a result, the share of gold in the country's total export volume decreased from 43.4% in January-May 2025 to 11.9% in January-May 2026.
Against the backdrop of these changes, the total volume of Uzbekistan's foreign trade for January-May 2026 reached 32.8 billion US dollars. This represents an increase of 1.2 billion dollars or 3.7% compared to the same period last year.
