TASHKENT, Uzbekistan, April 6. The
Netherlands-based ING Group says Uzbekistan remains relatively
resilient to Middle East tensions, largely supported by
policy-managed gold exports, Trend reports.


According to ING, rising oil prices pose a risk to the balance
of payments, as every additional $10 per barrel increases annual
energy import costs by about $550 million (0.4% of GDP).


However, the company analysts note that this impact is more than
offset by gold exports, where a $1,000 per ounce increase in prices
adds roughly $4 billion (2.7% of GDP) to export revenues.







In 2025, Uzbekistan sold about 85 tons of gold, equivalent to
around 85% of its annual production capacity, which helped support
the national currency. The Uzbek soum appreciated by 7.4% over the
year.


At the same time, ING notes that the discretionary nature of
gold sales, along with persistent twin deficits and still elevated
inflation, limits the potential for sustained foreign exchange
appreciation.