The Central Bank of Uzbekistan is considering a move to external management for part of its international reserves. Regulator chairman Timur Ishmetov announced the plan on September 18 at the International Forum on State Asset Management in Tashkent. The goal is to diversify the portfolio and adopt the expertise of leading global specialists.
As of September 1, the country’s gold and foreign exchange reserves reached $72 billion, covering more than a year of imports. Historically, gold has made up the bulk of these reserves. Uzbekistan produces the metal itself, and in the first half of 2026 alone, the Central Bank increased its stockpiles by about 50 tons. According to the World Gold Council (WGC), this is the second-largest increase among central banks globally.
Now, the regulator intends to reduce its concentration in a single asset. The Central Bank plans to expand the portfolio across asset classes, currencies, and counterparties. Preparations are already underway. In 2020, the bank joined the World Bank’s Reserve Advisory and Management Partnership, and in 2024, it purchased US Treasury bonds for the first time.
To effectively manage a more complex portfolio, the Central Bank will bring in external managers for a portion of the reserves. This will allow local specialists to work alongside international experts.
The decision comes amid a global restructuring of reserves. According to WGC surveys, by the end of 2025, gold had already surpassed US government bonds in value within global central bank portfolios, and three-quarters of regulators expect the dollar’s share to decline over the next five years.
According to Ishmetov, the regulator must determine the acceptable concentration level for a single asset and build a new strategic balance sheet structure. Transferring part of the reserves to external managers shows the Central Bank of Uzbekistan is shifting from conservative gold storage to active yield management in global markets.