Uzbekistan’s international reserves have surged to a fresh record, passing the 59 billion dollar mark as the global gold rally lifts the value of the country’s bullion stockpile. According to data from the Central Bank, both the market price of gold and the physical volume of holdings increased over the past month, pushing the value of the metal close to 48 billion dollars and cementing its role as the dominant component of reserves.

For Tashkent, the move is a double-edged development. On the one hand, a larger reserve cushion strengthens the country’s protection against external shocks — from swings in energy prices and remittance flows to episodes of volatility in global capital markets. A bigger war chest in dollars and gold can help smooth the exchange rate, reassure investors and support imports if access to foreign funding temporarily tightens.

At the same time, the new numbers highlight how strongly Uzbekistan is now tied to the gold cycle. A significant share of the reserve growth in 2025 has come not from fresh hard-currency inflows, but from revaluation gains as bullion prices jumped almost 50 percent from the start of the year. If prices were to correct sharply, the headline reserve figure could retreat just as quickly, even if the country’s underlying external position remained unchanged.

The Central Bank has so far signalled that it views the current configuration as comfortable, pointing to stable inflation, a managed but flexible exchange-rate regime and continued interest from foreign investors in local-currency bonds. Economists note, however, that the authorities will need to keep balancing three goals at once: supporting growth and investment, maintaining price stability and diversifying reserves so that the balance between gold and foreign currency does not become a source of new vulnerability.

For markets, the latest data are another reminder that Uzbekistan sits at the crossroads of several powerful trends: structural reforms and privatisation at home, a long commodities upswing driven by precious metals, and a more fragmented global financial system in which holding ample reserves is once again seen as a critical line of defence.