Uzbekistan's gold reserves reach record $29.15 billion amid decline in foreign currency assets

As of August 1, Uzbekistan's gold and foreign exchange reserves reached $37.4 billion, according to the Central Bank's website.

In July, the value of international assets increased by $1.06 billion, or about 3%. This is one of the highest levels since data began being published in 2018.

The main reason for this was the continued growth of the gold reserves. Its value once again set a record — $29.15 billion, an increase of $1.83 billion from the previous month.

The reserves' tonnage increased by another 0.4 million troy ounces (12.4 tons), reaching 12.1 million troy ounces (376.35 tons). Its value in global markets approached $2,470 per ounce before slightly declining.

At the same time, the volume of assets held in freely convertible currency decreased again. By the end of July, it amounted to $7.68 billion—one of the lowest levels in recent years.

The volume of cash currency in the Central Bank's foreign accounts dropped by $781.7 million to $7.65 billion. Of this, $354.3 million is held in other central banks and the IMF, while the remaining $7.29 billion is in other foreign financial institutions.

On the other hand, the value of securities purchased by the Central Bank slightly increased. It now stands at $35.3 million.

According to the Central Bank's own data, the regulator's purchase of precious metals increased by 19% in the second quarter. In turn, the World Gold Council (WGC) noted that Uzbekistan ranked first in gold reserve growth in June.