Uzbekistan reduces gold exports

Net international reserves of Uzbekistan, compared to the beginning of 2021, increased by 0.1% and amounted to $20.5 million, Sputnik writes with reference to the Central Bank.

The decline in the price of gold from $1,891.10 at the beginning of the year to $1,814.30 (or 4.1%) increased the value of the precious metal in international reserves by $0.9 billion.

According to the State Statistics Committee, over the 8 months of 2021, the total volume of Uzbekistan’s exports amounted to $9.3 billion: the country sold goods for $6.3 billion, services – for $1.6 billion and gold – for $1.4 billion.

The share of gold in Uzbekistan’s exports dropped to 14.9%. In comparison, last year the figure reached 50%.

In 2020, 100 tons of gold were sold abroad, which is associated with high prices for it during the pandemic. This year, the price of precious metals has decreased, which was one of the factors behind the decline in sales.

In accordance with the law “On the Central Bank of Uzbekistan”, one of the main tasks of the Central Bank is the management, accounting and storage of the republic’s international reserves.

To effectively manage international reserves, the national regulator calculates their gross and net value.