Uzbekistan’s gold and foreign exchange reserves hit bottom, lowest since May 2021

As of September 1, the international reserves of Uzbekistan amounted to $34.08 billion.

Photo: David Gray / Blooomberg

In August, the total volume of Uzbekistan’s international reserves decreased by $527.4 million and dropped to its lowest level since May 2021.

Over the past month, foreign exchange reserves decreased by $432.9 million to $12.04 billion. Gold reserves now stand at $21.00 billion, after depreciation of $76.7 million in August. However, the volume of gold in vaults reached its peak – 12.3 million troy ounces or 382.6 tons (the CB purchased 9 tons of gold last month).

Uzbekistan is not selling gold ever since its price dropped.

According to the Central Bank, current reserves significantly exceed the annual volume of imports, which amounted to $25.5 billion in 2021. International organizations recommend that developing countries have a financial “safety cushion” in the equivalent of imports for at least 3 months.