BUSINESS | 12:39 / 09.07.2024
2 min read

Foreign currency reserves of Uzbekistan hit new low amid gold value surge

Uzbekistan's foreign currency reserves remain at one of the lowest levels in recent years.

Photo: Bloomberg

As of July 1, Uzbekistan's foreign exchange reserves amounted to $36.34 billion, according to the Central Bank.

In June, the country's official external assets decreased by $293.7 million due to a reduction in the foreign currency portion by nearly $800 million.

By early July, the Central Bank's foreign accounts held $8.43 billion, with $8.01 billion stored in financial institutions headquartered abroad. This amount decreased by $796.7 million in June.

The value of securities purchased by the regulator slightly increased to $35.1 million, while the volume of funds in accounts at foreign central banks and the IMF slightly decreased to $422.4 million.

In June, the value of the gold reserves increased by $506.5 million, reaching $27.31 billion, a new maximum since the statistics began being published in 2018.

The tonnage of precious metal reserves reached 11.7 million troy ounces (363.9 tons). Over the month, it increased by 0.3 million troy ounces (9.3 tons).

The World Gold Council (WGC) noted a significant reduction in Uzbek gold supplies in April-May. Data from the State Statistics Committee also indicate that revenue from the sale of precious metals slightly decreased.

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