As of September 1, 2024, Uzbekistan's foreign exchange reserves have reached a record high of $39.15 billion, marking a $1.75 billion increase from the previous month, according to the country's Central Bank.
The regulator reports that foreign currency reserves grew by just over $500 million since August, reaching $8.19 billion. However, this figure still represents a $1.18 billion decrease from the beginning of the year, attributed to Uzbekistan's repayment of sovereign Eurobonds issued in 2019.
Despite a slight decrease in the physical volume of gold held by the Central Bank – down 3 tons to 371.7 tons (12.04 million troy ounces) – the value of gold reserves increased from $29.16 billion to $30.4 billion, thanks to rising global gold prices.
Since the start of the year, the value of the Central Bank's gold reserves has grown by an impressive $5.77 billion.
In a notable development, the Uzbek financial regulator announced its entry into foreign government securities markets, with U.S. Treasury bonds worth $35.48 million now included in its reserves.
International analysts warn that Uzbekistan's streak of record-breaking reserves might come to an end due to expected declines in gold prices. With precious metals accounting for over 80% of the country's total foreign exchange reserves, this trend could potentially continue until 2027.
The Central Bank's strategic diversification and the country's economic policies will be closely watched as Uzbekistan navigates the volatile global financial landscape in the coming years.
