Uzbekistan's gold and foreign exchange reserves continued to grow to reach the historic high of $47.85 billion in March 2025, the Central Bank said in a report Monday.
Reserves increased by $2.91 billion (+6.5%) to February which is a record monthly growth in reserves. Before that, reserves increased to their maximum in June 2020 (by $2.44 billion).
The sharp growth continues for the third month in a row: on March 1, the volume of reserves was $44.94 billion, on February 1 - $42.91 billion, on January 1 - $41.18 billion. Year-to-date, the total increase reached $6.67 billion (+16.2%).
The rising price of gold made it the contributor to the growth. While, the physical volume of gold in reserves decreased by about 380 thousand troy ounces (about 11.8 tons) - from 12.18 million to 11.8 million troy ounces (367 tons), which indicates the sale of part of it at the peak of prices. This is the minimum volume of gold in reserves since June 2024.
Despite this, the value of the gold in reserves increased by 2.02 billion - from 34.86 billion to 36.88 billion dollars.
The foreign exchange also grew by 883 million dollars - from 9.53 billion to 10.42 billion dollars, which is the highest figure since January 2023.
In March, gold quotes increased by 9.2%: from 2857.78 to 3120.93 dollars. In the first three months of this year, the gold has become 17.8% more expensive, and has added 41.4% over the year. Since the beginning of the year, the gold has become one of the most profitable assets against the backdrop of US President Donald Trump's trade policy.
It should be noted that the reserves published by the Central Bank also include assets of the Uzbekistan Fund for Reconstruction and Development (UFRD).
