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Uzbekistan’s gold and foreign exchange reserves have exceeded 50 billion dollars — a new historical record.

Uzbekistan’s international reserves exceeded 50 billion dollars by the end of August — the highest figure recorded since monitoring began in 2013. The growth was driven by the rise in global gold prices: in August alone, the effect of higher prices amounted to 1.2 billion dollars.

According to Central Bank data, Uzbekistan’s gold and foreign exchange reserves reached 50.09 billion dollars as of September 1. This marks a record high for the entire period of statistical monitoring since 2013.

In August, reserves increased by 1.34 billion dollars (+2.7%). Since the beginning of the year, the increase amounted to 8.9 billion dollars (+21.6%).

The main driver of growth was again gold, whose global market price exceeded 3,500 dollars (and even surpassed 3,600 dollars in September). According to the regulator, the monthly effect of gold prices rising from 3,306.8 to 3,407.5 dollars was 1.2 billion dollars.

Since the beginning of the year, the precious metal has become one of the most profitable assets, supported first by U.S. President Donald Trump’s trade policy, then by expectations of a Federal Reserve interest rate cut, as well as Trump’s challenges to the Fed’s independence.

The physical volume of precious metals in reserves rose to 11.8 million ounces (367 tons). As a result, its value increased by 1.38 billion dollars, reaching 40.06 billion dollars — the highest figure on record.

The currency component of reserves decreased by 49.2 million dollars to 9.45 billion dollars.

The volume of securities in reserves rose to 1.02 billion dollars (+4.2 million).

The Central Bank’s gold and foreign exchange reserves play a key role in maintaining the stability of the national economy and financial system. They can be used to stabilize the national currency in case of sharp fluctuations, to meet external debt obligations, to cover imports during crises, and as insurance against external economic risks.

Reserves act as a kind of “safety cushion” against external shocks such as sudden changes in export commodity prices, international sanctions, global financial crises, or fluctuations in currency markets.