Surge in gold prices results in notable rise in Uzbekistan's international reserves

As of April 1, the volume of Uzbekistan's gold and foreign exchange reserves amounted to $34.19 billion, according to the Central Bank.

In March, the volume of international reserves increased by $1.99 billion, effectively recovering from a two-month decline since the start of this year.

The amount of currency assets amounted to $8.26 billion, remaining at one of the lowest figures in recent years. Last month, their sum increased by $710.7 million – meanwhile, for 11 months in a row, it has been below $10 billion.

The volume of Uzbekistan Central Bank's deposits in the central banks of other countries, as well as in the IMF, decreased slightly—to $338.8 million. In addition, the amount on accounts in other foreign financial institutions increased by $760.6 million, continuing to stay below the $8 billion mark.

The republic's gold reserves substantially increased, standing at $25.37 billion at the beginning of April. Compared to February, its value appreciated by $1.27 billion – thanks to record global prices.

In addition, the tonnage of gold in the reserves significantly decreased – 11.5 million troy ounces (357.69 tons) versus 11.9 million troy ounces (370 tons) a month earlier.

In February, gold deliveries provided half of the exports. The sale of gold amounted to $1.31 billion, exceeding last year's level of $1.18 billion.