Central Asian Countries' Heavy Gold Bets Leave Them Exposed

Central Asian countries are facing potential risks due to their high concentration of gold in international reserves. According to a report by Fitch Ratings, Uzbekistan and Kyrgyzstan have significantly increased their gold reserves amid rising prices for the precious metal.

In Uzbekistan, gold accounted for 87% of international reserves at the end of June 2026, the highest share in the world. In Kyrgyzstan, the figure was 80%. While this may reflect policy efforts to build buffers against external shocks, it also creates vulnerability to sharp changes in gold prices.

Fitch analysts warn that a scenario in which gold prices fall significantly could have a notable impact on Kyrgyzstan and Uzbekistan. However, they stress that this is unlikely to result in negative rating action for either country.