Uzbekistan continues to increase gold reserves

Official reserves of Uzbekistan amounted to $26.5 billion as of June 1, follows from the Central Bank data. This is the minimum figure since the beginning of the year – it was $27.6 billion on April 1 and $26.6 billion on May 1.

The Central Bank continues to reduce foreign currency reserves and replace them with gold. So, reserves in foreign currency amounted to $11 billion as of May 1, a month ago - $11.5 billion, in April - $12.8 billion and in March - $13.2 billion.

Reportedly, the gold reserves have reached the maximum figure since the beginning of the year – $15.1 billion.

In February, it became known that Uzbekistan plans to reduce the share of gold in its foreign exchange reserves and instead buy US treasury bonds. 

So far, judging by the data, this is not happening. As of June 1, 11.7 million pure ounces of gold were in the reserves of Uzbekistan, which was more than ever in any of the months from the beginning of the year.