Uzbekistan’s international reserves up by $320 million

Official reserve assets of Uzbekistan as of September 1 amounted to $35.4 billion, follows from the data of the Central Bank. 

Compared to August, they increased by $320 million.

The main reason for the growth is an increase in gold reserves. It has increased by $331 million to $21.9 billion (12.1 million troy ounces – about 376 tons, which is 9 tons more than the previous month). In July, gold was worth about $1,740 an ounce, now it is $1,762.

The volume of foreign exchange in reserves continues to decline. In August, it fell by $400 million to $13.5 billion. On September 1, foreign exchange dropped even further - $12.4 billion.

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 much more than the indicator recommended by international organizations for developing countries, which is three months.