Uzbekistan’s gold and currency reserves decreased by $1.2 billion

The Central Bank has updated information on international currency reserves of Uzbekistan. According to it, as of January 1, the official reserves of Uzbekistan amounted to $34.56 billion.

Reserves have increased by almost $1.66 billion compared to November, but have decreased by $1.2 billion since the beginning of the year.

During the reporting period, the value of gold reserves increased from $23.7 billion to $24.6 billion. In turn, the physical volume of gold increased from 11.6 million troy ounces to 11.9 million troy ounces. The value of gold reserves has increased against the background of rising gold prices in the world market.

Also, in December, the value of foreign currency reserves increased from $8.6 billion to $9.3 billion.

During 2023, the physical volume of gold in Uzbekistan’s reserve assets decreased from 12.7 million troy ounces to 11.9 million troy ounces. Foreign currency reserves decreased from $11.64 billion to $9.37 billion. Against the backdrop of rapidly growing imports, the level of gold currency reserves covering imports has also decreased to 8-8.5 months. It was the first time since 2018 that the year-end stockpile has declined.

Earlier, it was reported that the Central Bank of Uzbekistan sold 11 tons of gold more than any other country in October and November.

For information, in 11 months of 2023, Uzbekistan sold gold worth 8.1 billion dollars. This is 2.3 times more than last year.