Uzbekistan’s reserves topped US$ 34.37 billion as of June 1, 2023 decreasing by $837.9 million in May, the Central Bank said in a report. Reserves have been declining for the second month in a row.
The value of the gold reserves fell by $980.6 million to $23.2 billion, while the physical volume decreased by 0.3 million troy ounces (9.3 tons) to 11.9 million troy ounces (about 370.1 tons). This could suggest that Uzbekistan exported gold in May.
However, the possible sale of gold did not lead to a proportional increase in foreign exchange reserves. However, they decreased to $9.93 billion (-$158.2 million). Year-to-date, foreign exchange reserves have decreased by $1.55 billion.
At the same time, gold quotes slightly decreased in May - from US$ 2,034 to 1,987.3 per ounce.
Available reserves surpassed the country's 2022 imports of $30.67 billion. As per the recommendations of international organizations for developing countries, reserves should cover at least three months of imports.
