Uzbekistan’s gold reserves hit record high as foreign currency holdings shrink

Uzbekistan’s total gold and foreign currency reserves grew in July after a slight decline in June, according to updated figures published by the Central Bank.

As of August 1, the total value of the country’s official reserve assets stood at $48.74 billion – an increase of $193.7 million, or 0.4%, compared to the previous month.

The value of gold held in the Central Bank’s vaults rose by $265 million in July, reaching $38.68 billion and once again setting a new record. This increase was driven entirely by a rise in the global price of gold, as the physical volume of the country’s gold reserves remained unchanged at 11.7 million troy ounces.

At the same time, Uzbekistan’s foreign currency reserves saw a notable decrease of $366.3 million. As of early August, they had dropped to $8.48 billion. This amount includes $1.05 billion held in accounts with central banks of other countries and the International Monetary Fund, and $7.42 billion deposited in foreign commercial banks.

Meanwhile, the Central Bank’s holdings of purchased securities rose by more than $300 million – a 42.7% increase – to reach $1.01 billion. As a result, the share of equities and bonds in Uzbekistan’s official reserve assets exceeded 2% for the first time.