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Economy

Uzbekistan’s reserves fall $5.5 billion in September as its gold is marked down

The Central Bank of Uzbekistan held $66.58 billion in reserves on 1 October, $5.54 billion or 7.7% less than a month earlier, Spot reported on Friday from the bank’s data. Gold in the vaults was valued at $60.08 billion, down $4.83 billion, while the physical stock rose to 14.34 million ounces from 14.11 million. The fall is a revaluation.

By CAW Staff12 October 2026
Stacked bar chart of Uzbekistan central bank reserves on 1 September and 1 October 2026, split into gold, foreign currency and a small residual, with the 5.54 billion fall marked in amber.

Gold had stood near a local maximum of about $4,660 an ounce, and in the first half of September held between $4,300 and $4,450, Spot wrote, so the main decline came from the negative revaluation of the gold stock. The foreign-currency part of the reserves ended September at $5.92 billion, $702.8 million or 10.6% lower.

The bank kept buying in the month the price fell. It bought 8 tonnes in August and almost 50 tonnes since January, third among central banks after Poland’s 98 tonnes and China, by World Gold Council data Spot reported on Saturday. In August China bought 20 tonnes and Uzbekistan and Poland 8 each.

The foreign-currency part of the reserves ended September at $5.92 billion, $702.8 million or 10.6% lower.

Uzbekistan exported no gold in August, by the statistics committee’s data, and has exported it only in April and July this year, Spot added.

Gold is 90% of the reserve by CAW’s arithmetic, 60.08 of 66.58, and the bank added 230,000 ounces to it in September.

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