The report «Gold and Sovereign External Buffers in the Caucasus and Central Asia» says central banks and sovereign wealth funds in the region have significantly increased their gold reserves amid rising prices for the precious metal.

«In Uzbekistan, gold accounted for 87 percent of international reserves at the end of June 2026, the highest share in the world. In Kyrgyzstan, the figure was 80 percent. While the growing concentration may reflect policy efforts to build buffers against external shocks, it may also create vulnerability to sharp changes in gold prices, particularly given continued volatility,» Fitch analysts said.

«A scenario in which gold prices fall significantly could have a notable impact on Kyrgyzstan and Uzbekistan. However, this is unlikely, by itself, to result in negative rating action for either country,» Fitch stressed.

Kyrgyzstan’s gross international reserves stood at $9,082 billion as of May 15, 2026.

According to the report, rising gold prices have generally improved the external balances of gold-producing countries in the region. In Uzbekistan, the current account deficit reduced from 7.3 percent of GDP in 2023 to 3.9 percent in 2025, partly due to a 20 percent increase in the total value of gold exports in US dollar terms.

Kyrgyzstan’s gold exports doubled in 2024 but fell significantly in 2025. In the first six months of the year, according to the National Statistical Committee, the country sold only 190.8 kilograms of gold.

Reserve coverage of current external payments increased by an average of 50 percent across the region in just over two years.

Global gold production grew by an average of 2 percent annually between 2011 and 2025. The highest average growth rate was recorded in Central Asia, at 4.7 percent per year.