Uzbekistan’s gold and foreign exchange reserves down

The Central Bank published data on the international reserves of Uzbekistan.

As of June 1, 2022, Uzbekistan’s gold and foreign exchange reserves amounted to $35.4 billion. For comparison, as of May 1, 2022, this figure was $35.9 billion. The figures show that the official reserves of Uzbekistan have decreased by almost $400 million over the past month.

While the physical volume of gold increased from 11.1 million troy ounces to 11.4 million troy ounces (about 9.33 tons) during May, its value fell from $21.32 billion to $21.18 billion.

Foreign exchange reserves in reserve assets also decreased from $13.5 billion to $13.1 billion.

“The gross international reserves of Uzbekistan since the beginning of 2022 have increased by $264.5 million or 0.8%. The impact of the growth in the price of gold from $1,799.25 at the beginning of the year to $1,854.4 amounted to $630 million,” the Central Bank said in a statement.

Reserves are also the country’s “airbag” - they are needed as a mitigating factor in the event of a negative external shock. The recommendations of international organizations suggest that reserves for developing countries should cover at least 3 months of imports.