Central Bank of Uzbekistan reports decline in reserves, while gold volume and value climb

As of the end of June, Uzbekistan’s gold and foreign currency reserves decreased by $1.1 billion, totaling $48.55 billion. This marks the first decline since December. Meanwhile, the value of the country's gold holdings reached a new all-time high of $38.42 billion, as the Central Bank increased the physical volume of gold by 9 metric tons.

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According to data from the Central Bank, June was the first month since December to see a reduction in Uzbekistan’s international reserves.

As of July 1, the total value of the regulator’s reserves stood at $48.54 billion – down by $1.15 billion or 2.25% compared to the record-high figure of $49.66 billion reported the previous month.

The value of gold held by the Central Bank rose by $763 million to reach $38.41 billion, setting a new record. This growth was driven by an increase in gold volume from 11.4 million to 11.7 million troy ounces.

In contrast, Uzbekistan’s foreign currency reserves dropped significantly in June – by $1.88 billion. The volume of foreign currency reserves fell from $10.74 billion to $8.85 billion. Of this, $460.9 million is held in accounts with other central banks and the International Monetary Fund (IMF), while $8.39 billion is kept in foreign banks.

Additionally, the volume of securities purchased by the Central Bank increased by $2.5 million in June, reaching $708.8 million. These securities accounted for 1.46% of the total gold and foreign currency reserves.