14:54 / 11.06.2024

Uzbekistan's gold and foreign currency reserves surge in May

In May, Uzbekistan's gold and foreign currency reserves reached $36.6 billion. The physical volume of gold in the reserves decreased by 3.1 tons. For the first time, securities worth $35 million appeared in the reserves.

Photo: AP

According to the Central Bank, as of June 1, Uzbekistan's official reserve assets amounted to $36 billion 634 million 300 thousand, an increase of $1 billion 526 million from the previous month.

The regulator reported that last month the currency reserves increased by $1 billion 244 million 900 thousand, totaling $9 billion 266.6 million. Since the beginning of the year, currency reserves have decreased by $102.9 million.

Additionally, in May, valuable securities (worth $35 million) appeared in the reserves for the first time. Previously, the Central Bank of Uzbekistan had reported that primary investments in foreign state securities were made with the aim of diversifying reserves, and the relevant portfolios were formed. This operation occurred during the visit of the World Bank mission.

The value of gold reserves in the Central Bank increased by $278.8 million during May, totaling $26 billion 812.4 million. The physical volume of gold in the reserve decreased by 0.1 million troy ounces (3.1 tons), that is, to 11.4 million troy ounces (354.58 tons).

From May 1 to May 20, gold quotes rose from $2,324 per ounce to $2,426 per ounce (+4.3 percent), reaching a historical high. In the last third of the month, however, prices fell (to $2,329 per ounce).

It is worth reminding that at the end of 2023, the country's "financial cushion" decreased by $1.2 billion, amounting to $34.56 billion. This marked the first annual decrease in reserves since 2018. The physical volume of gold decreased by nearly 25 tons over the course of the year.

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