Director of the Capital Market Development Agency Atabek Nazirov believes that the time has come to sell gold and foreign exchange reserves to save the economy from a further decline.
“The price of gold is at its peak, and economic activity is at the bottom. I think right now we need to sell gold and foreign exchange reserves and use funds in order to urgently save the economy from a further decline and an increase in unemployment,” Atabekov wrote on his Facebook page, commenting on the rise in gold prices.
Gold prices are growing steadily since the beginning of the year. Gold October futures for the first time exceeded the mark of $2,000 per ounce, setting a historic record.
The price of the precious metal has shown record growth amid the strongest monthly drop in the US dollar over the past three years. Analysts believe that the price of gold will continue to rise.
As of July 1, Uzbekistan’s official reserves amounted to $32.3 billion.