FOREIGN EXCHANGE RESERVES OF UZBEKISTAN: THEIR FUNCTIONS, OPTIMAL LEVELS, AND MECHANISMS TO PREVENT ECONOMIC CRISES
Abstract
This article analyzes Uzbekistan’s gold and foreign exchange reserves, their composition, key functions, and role in maintaining macroeconomic stability. Based on statistical data from 2018 to 2025, the study examines the dynamics of reserve accumulation, the level of import coverage, and the interrelation between reserves and external debt sustainability. The findings indicate that the increase in reserves has largely been driven by rising global gold prices, while the high share of gold in the export structure poses certain long-term economic security risks. The article also provides specific recommendations on reserve management, export diversification, and mechanisms for preventing economic crises.
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