Uzbekistan’s gold and foreign exchange reserves continue to grow amid rising

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Official reserve assets of Uzbekistan as of May 1 amounted to $35.1 billion (+2.7%), having increased by $918 million in April, according to data from the Central Bank. This is the maximum since April last year ($35.2 billion).

Photo: Alamy

According to the regulator, last month foreign currency reserves fell by $238.6 million to $8.02 billion. Since the beginning of the year, foreign exchange reserves have decreased by $1.35 billion (including due to the repayment of debt on sovereign Eurobonds worth $500 million, which the country issued in 2019).

Against the backdrop of the continued rise in gold prices, the value of gold reserves in the Central Bank increased by $1.16 billion to $26.53 billion. At the same time, the physical volume decreased by only 0.04 million troy ounces (1.24 tons) – to 11.46 million troy ounces (356.45 tons). This is the lowest figure since May 2022 (11.42 million).

In April, gold quotes rose from $2,257 to $2,311 per ounce (+2.4%) and continue to reach historical highs. For example, on April 19, the price exceeded $2,400.

It should be recalled that at the end of 2023, the country’s “financial cushion” sank by $1.2 billion – to $34.56 billion. A decrease in reserves at the end of the year then occurred for the first time since 2018. The physical volume of gold decreased by almost 25 tons over the year.

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