In August 2026, the Central Bank of Uzbekistan purchased 8 tons of gold, bringing its purchase volume since the beginning of the year to 50 tons, Daryo.uz reported.
According to the World Gold Council (WGC), the precious metal accounts for approximately 90% of the country's international reserves (approximately 439 tons). Amid declining exports, the physical volume of gold in reserves reached a record 444.8 tons (14.3 million ounces) by October 1. China (+20 tons) was the largest global buyer in August, followed by Uzbekistan (+8 tons), Poland (+8 tons), and Kazakhstan (+7 tons).
The actions of Uzbekistan's financial leadership reflect a shift toward de-dollarization and reserve protection:
- Precious metal conservation: The purchase of all production from the NMMC and AGMK domestically, while restricting exports, indicates the regulator's desire to accumulate real assets amid global instability.
- Reserve Volatility: The dominance of gold (90%) creates a dependency on metal prices for the reserve cushion, which has already led to an overestimation of the reserve value during fluctuations in global prices.
- Strengthening Liquidity: The Central Bank's strategy ensures high sovereign reliability and allows for flexible management of foreign exchange liquidity in the future.
CentralasianLIGHT.org
October 12, 2026