In March 2025, Uzbekistan once again became the country that sold the most gold in the world - 11 tons. This is the second time in a row for this country. From January to March - in three months, Uzbekistan sold 15 tons of gold. At the same time, according to the National Statistics Committee, the country exported $3.57 billion worth of gold in the first quarter. This is 34 percent more than in the same period last year.
But behind such records, a number of important questions arise. Why is Uzbekistan selling the most gold in terms of quantity? Is this positive or negative for the country's economy? Won't our gold reserves run out?
Why is Uzbekistan selling gold?
Firstly, this is related to the state's foreign trade policy and the strategy for managing foreign exchange reserves. The Central Bank receives foreign currency by selling gold, which can serve to ensure liquidity in the economy, cover external debt, or cover the budget deficit.
Secondly, gold prices on the world market have been rising significantly in recent months. This made it possible to sell at a profitable price.
Is there a risk of depletion of gold reserves?
Uzbekistan is a country rich in gold reserves. Our geological reserves are vast, and deposits such as Navoi and Kalmakyr are world-renowned. However, accurate data on the amount of gold in the Central Bank's reserves are not disclosed.
If the downward trend continues for a long time, it can pose a threat to currency and financial stability. For example, in 2024, the physical volume of gold and foreign currency reserves decreased, although price growth was observed.
The importance of gold reserves in the state economy
Gold is a strategic asset. It determines the country's image in international financial institutions, currency stability, and readiness for crises. In the context of international economic unrest, gold is often viewed as a "safe haven." For this reason, countries usually strive to accumulate gold, not sell it.
Who is buying the most and why?
According to the World Gold Council, the countries that bought the most gold in March were Poland (+16 tons), Kazakhstan (+11 tons), and China (+3 tons). These countries are increasing their gold reserves amid geopolitical risks. For example, China and Russia are buying gold to reduce their dependence on the dollar.
Is Uzbekistan's gold sales a necessity or a strategy?
Uzbekistan's becoming the largest gold seller is not just a proud indicator, but a very sensitive and cautious situation. This raises the question: what measures are being taken to replenish the country's reserves and eliminate future risks?
Most importantly, selling gold brings quick money, but accumulating it ensures future stability. Finding this balance is a strategic point of state financial policy.
