Fitch Flags Gold Price Risks for Kyrgyzstan and Uzbekistan

Fitch Ratings has sounded a warning about the risks associated with high gold reserves in Kyrgyzstan and Uzbekistan. According to Fitch, gold occupies an 87% share of Uzbekistan's international reserves and 80% of Kyrgyzstan's as of the first half of 2026.

This is not just a matter of diversification, but also a deliberate strategy by these countries to protect themselves from external economic shocks. However, it also makes them more vulnerable to sharp fluctuations in gold prices.

Fitch notes that central banks and sovereign funds in the region have significantly increased their gold reserves amid rising prices. In fact, Uzbekistan has the highest share of gold in reserves globally, followed closely by Kyrgyzstan.