Gold and foreign exchange reserves of Uzbekistan reach peak since the beginning of the year

The Central Bank (CB) of Uzbekistan has updated statistics on foreign exchange reserves, Spot writes with reference to the CB press service.

As noted, official reserves as of September 1 amounted to $28.4 billion. Of these, $12.1 billion are reserves in foreign currency, $15.9 billion - gold. Reserves have peaked since the beginning of the year. So, for example, on January 1 it was $27 billion, on April 1 - $27.6 billion, on July 1 - $27.7 billion.

Reserves increased mainly due to rising gold prices. That is to say, if in August there were 10.5 million troy ounces of gold, this amount has not practically changed in September but rather its price has increased.

Earlier, Deputy Finance Minister of Uzbekistan Odilbek Isakov said that it would be better if Uzbekistan reduced the share of gold in international reserves by investing in more profitable assets.

“There is an opportunity to get more profit. It is necessary to invest in assets that bring high interest,” Isakov said.