Uzbekistan’s gold and foreign exchange reserves drop by over $1 billion 

Compared to September, the country’s international reserves decreased by $1.02 billion – from $35.43 billion, the bank said.

During the month, gold reserves increased by 200 thousand troy ounces, but the total value of gold fell by $528 million. The gold price was about $1,762 per ounce in September and $1,760 – on October 1. However, now the price of a troy ounce of precious metal has risen to $1,775.

Now Uzbekistan has a gold reserve of $21.345 billion – this is 12.3 million troy ounces (about 382.6 tons, which is 6 tons more than the previous month).

Also, foreign exchange reserves of the country decreased by $479 million – to $11.95 billion in September.

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