Uzbekistan’s international reserves slightly drop

Compared to November, reserves decreased by more than $460 million.

In particular, the total value of gold in the reserve for the month fell by $1.2 billion – now the gold reserve is estimated at $20.44 billion. As of December 20, gold costs about $1,800 per ounce.

At the same time, the tonnage of gold reserves decreased, which indicates the resumption of sales of precious metals abroad - before that, the Central Bank sold gold only in May-June. As of December 1, Uzbekistan had 11.4 million troy ounces of gold (354.58 tons). This is less by almost 22 tons than in the previous month.

The volume of foreign currency in reserves increased by $788 million - at its expense, it was possible to partially compensate for the reduction in the reserve. The amount of available foreign currency is $13.19 billion.

The current reserves will be enough to finance more than 20 months of imports. This is much higher than the 3-month level recommended by international organizations for developing countries.

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.