Uzbekistan Reserves Fall $5.5 Billion as Gold Prices Drop Despite Larger Holdings

More gold, but a smaller reserve valuation

Uzbekistan's international reserves fell by about $5.5 billion in September 2026 to roughly $66.6 billion as of October 1, with lower gold prices accounting for most of the decline. The Central Bank's physical gold holdings increased during the month, even as their dollar value dropped by approximately $4.8 billion.

The headline figures put total reserves at $66.59 billion, down 7.7% in one month. A more detailed breakdown gives $66.58 billion and a decline of $5.54 billion, or 7.69%, while another account rounds the balance to $66.6 billion and puts the loss at $5.55 billion. Those differences do not change the central finding: September erased a substantial part of the value of a reserve portfolio dominated by gold.

Physical holdings rose from about 14.1 million to 14.3 million troy ounces. The more precise figures are 14.11 million and 14.34 million ounces, with the latter equivalent to around 446.2 tonnes. A troy ounce is the unit commonly used to price precious metals and equals approximately 31.1 grams.

Foreign currency assets also declined, falling by $702.8 million to about $5.92 billion. That was a separate movement from the loss in gold's reported value, and the figures do not establish what transactions caused the reduction.

The distinction matters. A fall in the dollar value of gold reserves does not necessarily mean the Central Bank sold gold or spent an equivalent amount of foreign currency. In September, Uzbekistan ended the month holding more metal, but each ounce was worth less.

How falling prices outweighed new gold

The detailed reserve breakdown values Uzbekistan's gold at $60.08 billion on October 1, down $4.83 billion, or 7.46%, over September. Gold therefore accounted for about 87% of the $5.54 billion total reserve decline, calculated from those two reported figures.

The price movement was large enough to outweigh the increase in physical holdings. Gold was reported near $4,660 per troy ounce at the end of August, traded between $4,300 and $4,450 during the first half of September, and fell below $4,200 later in the month.

A separate price account puts the September London gold fixing at $4,188.75 per ounce, down 9% during the month. That benchmark is a reference price used to value and trade gold. Small differences between a benchmark price and the price implied by a reserve valuation can reflect the timing and method of measurement.

Using the more precise volume figures, holdings increased by 230,000 ounces, or about 1.6%. The less precise account describes an increase of 200,000 ounces. Both show the same direction of movement: additions to the stock of gold softened the effect of falling prices but did not prevent a substantial valuation loss.

Gold was subsequently reported at $4,119 per ounce on October 7. That later price suggests further downward pressure after the September reporting period, but it is not an October reserve balance and cannot establish how much Uzbekistan's total reserves changed after October 1.

A portfolio still dominated by gold

Gold represented about 90.2% of Uzbekistan's reserves at the start of October. At that concentration, a change in the metal's price has a much larger effect on the total reserve figure than movements in smaller asset categories.

Reports differ on whether gold's share increased during September. One account puts the previous month's share at 90%, followed by 90.2% on October 1. Another describes the share as unchanged at 90.2%. The October figure is consistent across those accounts, but the precise monthly change is not.

A rising percentage would not contradict the decline in gold's dollar value. Gold can become a larger share of a shrinking portfolio when other assets fall faster. The detailed figures show foreign currency assets declining by 10.59%, compared with a 7.46% reduction in gold's value.

The composition also limits what the headline reserve total says about foreign currency holdings. Of approximately $66.6 billion in total reserves, about $60.1 billion was gold, while roughly $5.9 billion was foreign exchange. Gold is a reserve asset, but its reported value is not the same thing as a balance of foreign currency cash and deposits.

Where foreign currency assets declined

Foreign currency reserves fell from approximately $6.6 billion to $5.9 billion in September, a decline of about 10.6%. The more detailed figures give an ending balance of $5.92 billion and a reduction of $702.8 million.

Cash and deposits with other banks accounted for most of that movement. Their value fell by approximately $629 million, or 12.92%, to $4.24 billion. Within this category, deposits at foreign commercial banks declined by 16.78% to $3.13 billion.

Holdings at foreign central banks and the International Monetary Fund moved in the opposite direction, increasing by 0.34% to approximately $1.1 billion. The two deposit balances add up to $4.23 billion rather than $4.24 billion because the published amounts are rounded.

The contrast shows that the reduction was concentrated in particular assets, rather than spread evenly across every foreign currency category. It does not, by itself, reveal whether the changes reflected payments, transfers between accounts, currency valuation effects or other transactions. No transaction breakdown explains those movements.

Assets in Special Drawing Rights were reported at $571 million. SDRs are an international reserve asset created by the IMF, with a value based on a basket of major currencies. They are distinct from both physical gold and ordinary deposits at commercial banks.

Conflicting figures for securities

The largest disagreement concerns international securities. One account states that these holdings were unchanged during September at $1.8 billion, representing approximately 2.5% of total reserves.

Two more detailed accounts instead report a decline to $1.69 billion. They put the reduction at $73.7 million, or a rounded $74 million, from approximately $1.77 billion. The detailed percentage decrease is 4.18%.

The difference between $1.8 billion and $1.77 billion can be explained by rounding a starting balance, but an unchanged portfolio and a decline of roughly $74 million are different descriptions of the month. The reported October 1 breakdown of the Central Bank's reserves puts foreign securities on its balance sheet at $1.69 billion, down $73.7 million, or 4.18%, during September, supporting the decline rather than the unchanged figure.

The stated share also merits care. A $1.69 billion securities portfolio divided by $66.58 billion in total reserves gives approximately 2.54%, matching the detailed account. By comparison, $1.8 billion divided by $66.59 billion is about 2.7%, rather than the approximately 2.5% stated alongside the unchanged figure.

The detailed account says securities increased as a share of reserves from 2.45% to 2.54%, despite falling in value, because total reserves declined faster. Another account places a larger reduction earlier in the year: the portfolio fell from $2.86 billion to $1.76 billion in July and changed little in August.

September in the longer reserve cycle

The September loss followed substantial movements earlier in 2026. Reserves began the year at $66.3 billion, reached a reported peak of $77.1 billion on March 1, and stood at about $72.1 billion before September's decline.

The main dates show how the latest balance fits into that sequence:

• January 1, 2026: Total reserves stood at approximately $66.3 billion.
• March 1: Reserves reached a reported peak of $77.1 billion.
• End of August: Reserves were approximately $72.1 billion, with gold holdings near 14.1 million ounces.
• October 1: Reserves stood at approximately $66.6 billion, with gold holdings near 14.3 million ounces.
• October 7: Gold was reported at $4,119 per ounce, below the September closing benchmark.

By October 1, reserves were only about 0.4% above their January starting point and 13.6% below the March peak. The decline from that peak was approximately $10.5 billion, using the rounded balances of $77.1 billion and $66.6 billion.

The annual comparison tells a different story. Reserves were still 21.1%, or about $11.6 billion, above the roughly $55 billion recorded a year earlier. Gold's value increased by 35.8%, from $44.2 billion to $60.1 billion, while physical holdings rose from 11.6 million to 14.3 million ounces, an increase of approximately 85 tonnes.

Foreign exchange reserves, however, fell by 41.7% over that year, from $10.2 billion to $5.9 billion. The annual growth in the total therefore masks a sharp divergence: a larger gold reserve alongside a smaller foreign currency balance.

Gold purchases remained substantial

The World Gold Council's October 6, 2026 update placed Uzbekistan third among reported central bank gold buyers for January through August. The country added nearly 50 tonnes over those eight months, behind Poland's 98 tonnes and China's 80 tonnes. Kazakhstan added about 36 tonnes.

That ranking measures reported purchases during the period, not the total size of national gold reserves. Uzbekistan bought eight tonnes in August, bringing its holdings to about 439 tonnes. The figure is broadly consistent with the end of August reserve volume of 14.11 million troy ounces.

Central banks worldwide were net buyers of 39 tonnes in August. Uzbekistan's eight tonnes amounted to roughly one fifth of that net total, although a global net figure combines purchases and sales and is not a measure of all gross buying.

The September reserve data extend the picture beyond the council's January through August comparison. Holdings rose to around 446.2 tonnes by October 1, roughly seven tonnes above the rounded August balance. The stock increase is consistent with continued accumulation, although reserve totals alone do not provide a complete record of purchases and sales.

Separately, figures attributed to the National Statistics Committee put the Central Bank's precious metals sales at $2.8 billion from January through September, nearly three times lower than in the same period of 2025. The exact comparison figure for 2025 is not given. Sales and a rising reserve stock can coexist, but gross sales should not be treated as a measure of the net change in gold holdings.

Mining costs add a separate pressure

Gold's importance to Uzbekistan extends beyond the Central Bank's portfolio. A review by Kept consultancy reported that Navoi Mining and Metallurgical Company increased production by 2.1% to 3.157 million ounces in 2025, while production declined at Newmont and Barrick.

Higher output came with rising costs. NMMC's sustaining cost measure increased by 38.7% to $1,358 per ounce. This measure covers production expenses and spending needed to maintain operations, rather than simply the immediate cost of extracting metal.

Kept attributed the increase to royalties linked to gold prices, more material excavated and inflation in consumables. NMMC remained below Newmont and Barrick on the reported cost measure, but moved slightly above Agnico Eagle. Differences in mine portfolios and reporting limit direct comparisons of efficiency.

These production figures concern 2025, while the reserve decline concerns September 2026. They should not be treated as evidence that mining costs caused the reserve loss. They instead show two distinct exposures to gold: the Central Bank's assets fluctuate with market valuations, while producers face changing operating costs.

No later reserve balance or dated release schedule is given. The October 7 price alone cannot settle what happened to reserves after September, while the reported October 1 breakdown supports a September decline in securities holdings of $73.7 million.

Key Points

• Uzbekistan's reserves fell about $5.5 billion in September 2026 to approximately $66.6 billion.
• Gold's value declined about $4.8 billion, although physical holdings increased to around 14.34 million troy ounces.
• Foreign currency reserves fell $702.8 million to approximately $5.92 billion.
• Gold represented about 90.2% of total reserves, leaving the headline balance highly sensitive to its price.
• The reported October 1 reserve breakdown puts foreign securities at $1.69 billion, down $73.7 million in September, with their share rising from 2.45% to 2.54%.
• Total reserves remained 21.1% above a year earlier, but were 13.6% below the March 2026 peak.
• Uzbekistan ranked third among reported central bank gold buyers from January through August 2026.