13:36 / 19.08.2020
Uzbekistan’s gold and foreign exchange reserves exceed $34 billion

The volume of gold and foreign exchange reserves of Uzbekistan as of August 1, 2020, amounted to $34.7 billion, follows from the data of the Central Bank.

Photo: Getty Images

Most of the reserves are held in the form of monetary gold - $19.4 billion. Foreign currency assets amounted to $13.6 billion. 

In general, since the beginning of the year, gold and foreign exchange reserves have increased by more than $5.6 billion. As of January 1, they amounted to $29.1 billion.

In early August, the price of gold for the first time in history crossed the symbolic border of $2,000 (2,000.11 on the New York Stock Exchange Comex). Since the beginning of 2020, gold has risen in price by almost 30%. Prior to that, the record price was $1,921.18 per ounce after a sharp rise in prices for precious metals in September 2011.

Experts attribute the growth to uncertainty due to the coronavirus pandemic. Gold is considered as a prized investment due to excellent liquidity, intrinsic value and ability to protect against inflation and currency devaluation. Gold is also known as a safe haven as it gives high returns when economies and markets falter.