Central Bank conducts currency interventions worth almost $2 billion

In July-September, the Central Bank carried out foreign exchange interventions amounting to almost $2 billion, the regulator’s reports.

Compared to the second quarter, the volume of foreign exchange interventions decreased by more than 18% – to 22.8 trillion soums ($1.9 billion).

Last quarter, the Uzbek soum fell sharply against the dollar by almost 6%. The most serious decline occurred in mid-August, when the national currency weakened by 400 soums per day, breaking through the mark of 12 thousand per dollar.

From July to September, the regulator spent 19.5 trillion soums on the purchase of monetary gold, which is 19.6% more than the same figure for last year. However, compared to the second quarter of this year, the volume of gold purchases on the domestic market has not changed.

Thus, the amount of net interventions in the foreign exchange market amounted to 3.3 trillion soums or $300 million.

The regulator adheres to a policy of neutrality with regard to gold and foreign exchange reserves, which have been at their lowest since the spring of 2020.