Uzbekistan Suspends Gold Exports for 6 Months

(MENAFN) Uzbekistan has recorded zero gold exports for the sixth consecutive month, forgoing billions of dollars in potential revenue even as global prices for the precious metal remain at elevated levels, official data reveals.

Figures released by the National Statistics Committee confirm that not a single gold shipment reached international markets throughout the first quarter of 2026 — a stark contrast to the same period last year, when the Central Asian nation earned $3.57 billion from gold exports.

The suspension, which took effect in October 2025, has now stretched across two fiscal quarters with no indication of an imminent reversal, raising questions among analysts about Tashkent's longer-term reserve strategy and its willingness to capitalise on a buoyant global commodities market.

Despite the scale of the foregone revenue, Uzbekistan's top monetary authority has moved to temper concerns. Central Bank of Uzbekistan Chairman Timur Ishmetov earlier stated that the country sees no direct impact from the halt in gold exports.

Uzbekistan ranks among the world's top ten gold producers, and the metal has historically represented one of the country's most significant export commodities. The decision to withhold sales entirely — rather than reduce volumes — signals a deliberate policy shift, though officials have yet to publicly outline a timeline or conditions for resuming shipments.

The full economic implications of the prolonged suspension are expected to come under closer scrutiny as second-quarter figures approach.

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