Uzbekistan’s export declines sharply due to halt in sale of gold

The country has not exported the precious metal for six months – the last time was in August 2020.

Uzbekistan’s export declined dramatically in the first two months of 2021, Spot writes with reference to the State Statistics Committee.

Since the beginning of the year, exports amounted to $1.4 billion, which is less by 56.8% than in the same period last year ($2.6 billion). The reason for such a strong recession is the halt in the sale of gold. The export of services decreased by $176 million and the export of goods grew by $44 million.

The last time Uzbekistan sold gold in August 2020. The Central Bank sells the precious metal based on the objectives of effective management of gold and foreign exchange assets, including the analysis of the international precious metals market and the forecast of gold prices.

The Central Bank actively sold gold when it was expensive (up to $2000). Now it has dropped in price to $1,729.