“Uzbekistan will soon disclose information about its gold reserves” – Minister of Finance

Deputy PM of the Republic of Uzbekistan, Minister of Finance Jamshid Kuchkorov declared that information on the gold reserves of Uzbekistan will be announced soon.

“In 2018, we have learned to live in the state of open society. Presidential policy – dialogue with the public is an innovation for all of us. This means that communication should be not only at the presidential reception, but also everywhere. Therefore, all governmental units, including the economic unit, have constantly established the procedure of disclosing all information openly to the public.

So far nothing has been concealed. I believe that information on Uzbekistan’s gold reserves will be publicized in the coming weeks. Because it is the wealth of the nation,” the minister said.

It is worth noting that the Central Bank of the country has been publicly announcing data on gold and currency reserves since the beginning of 2018. According to the information released in October 2018, Uzbekistan's gross foreign exchange reserves amounted to $ 26.4 billion. Of these, foreign currency assets amounted to $ 12.4 billion ($ 12.9 billion in September) and monetary gold – $ 13.9 billion. Net gold and foreign exchange reserves were estimated at $ 25.4 billion.

Gold and foreign exchange reserves are highly liquid assets of the state. They are controlled by special governmental structures (government treasury and central banks, Federal Reserve System in the US).

In other words, gold and foreign exchange reserves are the official reserves of the state in gold and foreign currencies. The state's gold and foreign exchange reserves depict its economy and financial system and guarantee timely payment of interstate commitments.

Provision of state reserves facilitates to carry out a number of tasks. They include supporting the national currency, preserving the confidence towards the state policy, managing monetary-credit mechanisms, avoiding crisis situations and maintaining the country's reliability rating.