Uzbekistan’s gold and foreign exchange reserves rise for first time since January 2021

The reason is the rising price of gold – the metal is being traded at around $1,839 per ounce. In April, it was traded at $1,744.

International reserves of Uzbekistan as of May 1 amounted to $34.1 billion, Spot said with reference to the Central Bank.

This is more by $1.5 billion than in April. Reserves rose for the first time since January. The main reason is the rising price of gold. At the time of this publication, it is being traded at $1,839 per ounce. For comparison, in April gold was worth $1,744.

The metal itself in reserves increased by 9.5 tons – from 11.2 million troy ounces to 11.7 million.

Reserves, among other things, are considered a “safety cushion” for the country – they are needed as a buffer against adverse external shocks, and the adequacy of reserves directly depends on the nature of these shocks.

The current reserves will be enough to finance more than 20 months of imports. This is considerably more than the indicator recommended by international organizations for developing countries, which is three months.