The Central Bank is considering a transition to external management of international reserves. On September 18, the chairman of the board Timur Ishmetov announced this at the first International Forum on State Asset Management in Tashkent.

Scale of Reserves

As of September 1, foreign currency and gold reserves totaled $72 billion — covering more than a year of imports.

In the first half of the year, the country increased gold reserves by approximately 50 tons. This is the second largest increase among central banks worldwide according to the World Gold Council.

How the Portfolio Expanded

Uzbekistan is a gold-producing country, so the metal traditionally holds a significant share in reserves. However, the portfolio composition is gradually changing:

  • 2020 — joining the World Bank partnership for reserve consulting and management;
  • 2024 — first purchase of US Treasury bonds.

«We intend to move toward further diversification — across asset classes, currencies, and counterparties,» said the head of the regulator.

Why Involve External Managers

According to Ishmetov, the Central Bank does not intend to rely solely on its own assessments when making decisions. Transferring part of the portfolio to external managers will allow the regulator's specialists to work together with leading global experts and learn from their experience.

This approach is common: central banks in many countries entrust part of their reserves to professional management companies while maintaining control over strategy.

The Global Picture is Changing

According to the latest World Gold Council survey:

  • 89% of central banks expect global gold reserves to grow;
  • 45% plan to increase their own reserves;
  • three-quarters expect the dollar's share in global reserves to decline over the next five years.

By the end of 2025, gold by value already surpassed US Treasury bonds in central bank reserves — a historic shift.

Three Open Questions

Ishmetov identified issues for which the regulator has not yet found final answers:

  • what level of concentration of a single asset is acceptable for a state balance sheet;
  • how to practically build resilience of reserves;
  • what should be the strategic structure of assets if traditional relationships between them have changed.

«We have our own views on all three questions. But we don't have final answers to any of them,» acknowledged the Central Bank chairman.

The first question is particularly relevant: the share of gold in the republic's reserves reaches about 90% — the highest level in the world. It was this concentration that Fitch and S&P pointed to as a source of vulnerability.

For the domestic market, the structure of reserves has direct significance: they form a buffer that supports currency rates during external shocks.

This material is informational in nature and does not constitute investment advice.