Uzbekistan’s international reserves up by $2 billion

As of the beginning of 2023, the official international reserves of Uzbekistan stand at $35.76 billion, according to the Central Bank.

In December, the volume of the country’s reserves increased by $2.3 billion. Now the total volume of assets has reached a maximum since last June.

The amount of reserves in freely convertible currency reached $11.64 billion. Over the month, the volume of Uzbekistan’s deposits in foreign banks increased by almost $1.7 billion.

The gold reserve has risen in price by $600.8 million over the month, despite a reduction in tonnage by 100,000 troy ounces (3.1 tons). Now it is estimated at $23.06 billion – this is a new record since the publication of statistics in 2018.

Now the reserve of the Central Bank has a little more than 395 tons or 12.7 million ounces of the precious metal. Over the past month, gold quotes on world exchanges have grown from $1,740 to $1,830, although back in November Uzbekistan resumed gold exports.

The current reserves significantly exceed the volume of imports, which amounted to $27.6 billion in the 11 months of last year. International organizations recommend that developing countries have a financial "safety cushion" in the equivalent of imports for at least 3 months.