Foreign exchange reserves of Uzbekistan drop by $713.9 million

The gold and foreign exchange reserves of Uzbekistan as of February 1, 2022, amounted to $34.425 billion, follows from the data of the Central Bank.

Photo: Bloomberg

Compared to January, the reserves decreased by $713.9 million, Spot said with reference to the bank.

Over the month, the volume of the reserve currency dropped by $532.6 million and amounted to $12.54 billion.

The decrease also shows the gold reserve in monetary terms. Reserve gold is estimated at $20.77 billion, while at the beginning of the year this figure was $20.95 billion. Thus, the difference in price terms is $175.1 million. At the same time, its physical volume has not changed – 11.6 million troy ounces or 360.8 tons.

However, the available reserves significantly exceed the country's annual imports, which amounted to $25.5 billion in 2021. According to the recommendations of international organizations for developing countries, the reserves should cover at least 3-month imports.

The reserves are also considered to be the "airbag" of the country. They are needed as a buffer against adverse external shocks, and the sufficiency of reserves directly depends on the nature of these shocks.