The Central Bank of Uzbekistan has purchased approximately 40 tons of gold since the beginning of the year — only Poland and China bought more. The data is provided by the World Gold Council.

Top three leaders

Net central bank purchases for January–July:

  • Poland — approximately 90 tons;
  • China — 60 tons;
  • Uzbekistan — 40 tons;
  • Kazakhstan — 29 tons.

In total, global regulators reported net purchases of approximately 130 tons versus 160 tons for the same period last year — the pace slowed by nearly a fifth.

Sale of one ton does not change the picture

In July, Uzbekistan sold approximately 1 ton of metal. At the end of the month, the country's gold reserves stood at approximately 431 tons, or about 87% of international reserves.

Russia was the largest seller in July, reducing reserves by 6 tons. Turkey, Jordan, and Uzbekistan sold approximately one ton each.

Regulator's logic

The Chairman of the Central Bank Timur Ishmetov previously noted that gold "proved to be the best investment so far," but the regulator is considering the possibility of sales at favorable prices as part of reserve management.

A single sale against the backdrop of forty purchased tons is not a policy shift, but profit-taking at historically high quotations.

How neighbors' reserves look

A comparison of metal shares in reserve structure is telling:

  • Uzbekistan — approximately 87%;
  • Kazakhstan — approximately 75%;
  • Poland — approximately 28% with a target of 700 tons;
  • China — approximately 8% with reserves of 2366 tons.

The gap between Uzbekistan and China is more than tenfold. This is why Fitch noted the ambiguity of such a structure: high concentration strengthens positions during price growth but makes the country vulnerable to market downturns.

What is happening with reserves overall

Uzbekistan's international reserves increased by $590 million in July — to $64.35 billion. Gold value rose by $365 million due to quotation growth, although physical volume declined by nearly one ton.

At the same time, the Central Bank reduced its securities portfolio in reserves by nearly 40%, or $1.1 billion.

For the domestic market, reserve dynamics are directly significant: they form a safety buffer supporting currency exchange rates during external shocks.

This material is informational in nature and is not an investment recommendation.