Uzbekistan's foreign reserves reach $39.15 billion as gold prices push asset value up by $1.75 billion

In August alone, the value of international assets grew by $1.75 billion, or around 4.7%. According to the Central Bank's website, this marks one of the highest levels since such statistics began being published in 2018.

The primary driver of this growth was the continued rise in the value of gold reserves, which once again set a record at $30.39 billion, up by $1.24 billion compared to the previous month.

However, the tonnage of reserves decreased by 0.1 million troy ounces (4.1 tons) and now stands at 12 million troy ounces (373.2 tons). The price of gold on global markets surpassed $2,550 per ounce but later saw a slight decline.

At the same time, assets held in freely convertible currency saw a modest increase, reaching $8.19 billion by the end of August.

The volume of cash reserves held in foreign accounts of the Central Bank rose by $502.9 million, bringing the total to $8.15 billion. Of this, $408.3 million is held with other central banks and the IMF, while the remaining $7.74 billion is deposited with other foreign financial institutions.

Additionally, the value of securities purchased by the Central Bank slightly increased, now totaling $35.5 million.

According to the Central Bank, its gold purchases increased by 19% in the second quarter. Meanwhile, the World Gold Council (WGC) noted Uzbekistan's shift from selling to buying precious metals.