IPAM Forum 2026: New Approaches and Global Trends in International Reserve Management Discussed in Tashkent

On 18 September 2026, the Central Bank of the Republic of Uzbekistan hosted the International Public Assets Management Forum - IPAM Forum 2026 in Tashkent.

The Forum brought together central banks, international financial institutions, leading global asset management firms, investment banks and international experts engaged in the management of international reserves and public assets. Held in Tashkent for the first time, the Forum provided a professional platform for exchanging views and experience on effective reserve management, portfolio diversification, balancing risk and liquidity, and developing long-term investment strategies amid structural changes in global financial markets.

Broad international participation: IPAM Forum 2026 brought together a total of 250 participants. Of these, nearly 80 participants represented more than 35 international organizations and foreign institutions, while the remaining participants represented relevant government and financial institutions of Uzbekistan.

The asset management organizations represented at the Forum collectively manage approximately USD 36 trillion in assets, while the central banks and public institutions participating in the event hold approximately USD 3.4 trillion in official international reserves. These figures reflect the scale of the professional dialogue at the Forum and the participation of major institutions within the global financial system.

The Forum was attended by representatives of the International Monetary Fund, World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Bank for International Settlements, as well as central banks from Switzerland, Singapore, Indonesia, Georgia, and other countries.

At the same time, the participation of experts from leading international asset management companies and financial institutions brought valuable market perspectives and the practical experience of institutional investors into the discussions.

How should reserves be managed in a changing global environment? The environment in which international reserves are managed is undergoing significant change. Heightened volatility in global financial markets, changing interest-rate dynamics, geopolitical and geoeconomic uncertainty, structural shifts in the international financial system, and evolving correlations between asset classes are creating new challenges for central banks and public investment institutions.

Against this backdrop, preserving and effectively managing national wealth requires a more comprehensive approach to investment decision-making, deeper assessment of portfolio risks, enhanced strategic asset allocation frameworks, and flexible strategies capable of adapting to changing market conditions. IPAM Forum 2026 was designed to facilitate discussion of these issues through the lens of international experience and practical approaches.

The Forum featured five panel sessions with 27 expert presentations covering the global financial market outlook, modern approaches to international reserve management, strategic asset allocation, the role of gold in reserve portfolios, and emerging trends in the development of the global financial system.

At the heart of the professional dialogue was the challenge of building resilient, diversified investment portfolios aligned with long-term objectives amid structural changes in the international monetary and financial system.

Experts discussed the importance of looking beyond returns when constructing investment portfolios and maintaining an appropriate balance between liquidity, safety, risk diversification and portfolio resilience across different market environments.

Particular attention was also paid to the extent to which traditional approaches to strategic asset allocation remain appropriate in changing market conditions, opportunities to broaden the investment universe, and the use of modern risk-management frameworks.

Another key area of discussion was the evolving role of gold in international reserve portfolios. Participants examined the importance of gold as a diversification asset, its characteristics across different market cycles, and its role within broader investment strategies.

From professional dialogue to practical cooperation: IPAM Forum 2026 went beyond panel discussions and also served as a platform for practical cooperation. During the event, the leadership and representatives of the Central Bank of Uzbekistan held a total of 20 bilateral meetings with international partners.

The meetings included discussions with leading global asset management institutions such as BlackRock, Goldman Sachs, Amundi, Natixis and PIMCO, as well as representatives of the central banks of Indonesia and Singapore, the World Bank and the Bank for International Settlements (BIS).

The bilateral engagements provided additional opportunities to exchange views on international reserve management, enhance investment processes, strengthen institutional capacity and explore leading international practices.

Agreements and memoranda with six international partners: One of the key practical outcomes of the Forum was the signing of documents aimed at further expanding international cooperation.

Within the framework of IPAM Forum 2026, the Central Bank concluded agreements and memoranda of understanding with six international partners. Relevant documents were formalized with the World Bank, Natixis, BlackRock, Goldman Sachs Asset Management, J.P. Morgan Asset Management, and PIMCO.

These partnerships provide an additional foundation for studying international reserve management practices, facilitating knowledge exchange, further improving investment processes, and strengthening professional cooperation with international financial institutions and leading global asset managers.

New international connections for domestic banks: The Forum also served as an important platform for developing direct professional ties between Uzbekistan's commercial banks and leading international financial institutions.

During the event, domestic commercial banks held more than 20 meetings with representatives of over 10 leading foreign banks and international organizations. Discussions covered foreign exchange and money market operations, liquidity management, international bonds and derivative financial instruments, trade finance, and the use of electronic trading platforms.

This demonstrated that IPAM Forum 2026 served not only as a platform for knowledge exchange among experts, but also as a venue for creating new practical connections and international cooperation opportunities for participants in Uzbekistan's financial market.

The dialogue that began in Tashkent will continue: IPAM Forum 2026 established a new platform for discussing current and future approaches to international reserve management, learning from global experience, and strengthening professional ties among international financial institutions, central banks, and asset management organizations.

The views and international experience shared during the Forum will contribute to further strengthening institutional capacity in reserve management, improving investment processes, and developing approaches that are responsive to an evolving global financial environment.

The international dialogue launched in Tashkent has created new opportunities to deepen Uzbekistan's professional engagement with the global financial community and to promote regular exchange of experience in the field of international reserve management.