Uzbekistan Explores New Approaches to Managing $77 Billion in Reserves

The Central Bank of Uzbekistan plans to invite leading global financial institutions and asset managers — Goldman Sachs, BlackRock, and JPMorgan — to discuss new approaches to investing the country’s reserves. Uzbekistan’s reserves reached a record $77.1 billion by March 2026, highlighting the need for the next stage in the institutional development of its sovereign asset management framework.

Around 83% of the reserves are held in gold. At the same time, the Central Bank has already begun diversifying its portfolio: since 2024, it has been investing in U.S. Treasury securities, with such holdings estimated at $1–1.5 billion by the end of 2025.

The question now is not only the size of the reserves, but also how the accumulated capital can be managed more effectively.

Against the backdrop of deepening financial ties between Central Asia and the South Caucasus, the continued development of Uzbekistan’s investment infrastructure is also creating new opportunities for regional capital.