Deputy Finance Minister: Uzbekistan’s international reserves now total $22 billion

A press conference on the topic “Effective management of the State debt” was held at the Agency for Information and Mass Communications with participation of representatives from the Ministry of Finance and the Central Bank of Uzbekistan. 

Reportedly, the external debt of Uzbekistan was equal to 23.5% of GDP. The head of the department at the Ministry of Finance Jasur Karshibayev said that the state's external debt, which at the beginning of the year was $9.9 billion, increased by almost $13.1 billion over the first six months. It is said that some of the loans are long-term and medium-term, while interest rates are repaid during the grace period and no debt amount is paid.

During the conference, journalists asked questions about capital in international reserves and the efficiency of its management.

“The Central Bank manages international reserves on behalf of the Republic. Uzbekistan’s international reserves now total $22 billion. Half of this value is gold and half is in foreign currency. It is also important to gradually step into the financial markets. Because it has the potential to bring more profit than deposits. We don't really need to hold much gold. There is a lot of gold, but it will not bring us any money. Gold should be invested in money-making and interest-bearing spheres,” Deputy Finance Minister Odilbek Isakov said.