Gold and foreign exchange reserves of Uzbekistan up

In June, the foreign exchange part of Uzbekistan's international reserves increased by $157.5 million, and the gold part by $39.8 million.

Photo: Getty Images

The Central Bank has published information on the international reserves of Uzbekistan.

As of July 1, 2022, Uzbekistan's gold and foreign exchange reserves amounted to $35.58 billion. For comparison, as of June 1, 2022, this figure was $35.4 billion. The figures show that Uzbekistan's official reserves have increased by nearly $180 million over the past month.

During June, the physical volume of gold increased significantly, from 11.4 million troy ounces to 11.7 million troy ounces (approximately 9.33 tons), while the value increased from $21.18 billion to $21.22 billion.

Also, foreign exchange reserves as part of reserve assets increased from $13.15 billion to $13.3 billion, or by $157.5 million.

“Gross international reserves of the Republic of Uzbekistan since the beginning of 2022 have increased by $444.3 million or 1.3%,” the Central Bank said in a statement.

Reserves are also a “safety cushion” of the country – they are needed as a stabilizing factor in the event of negative external shocks. According to the recommendations of international organizations, reserves for developing countries should cover at least 3 months of imports.