Uzbekistan’s gold and currency reserves stood at US$ 35.8 billion as of January 1, 2023, recording an increase by US$ 628 million compared to the same period last year, the Central Bank said in a report.
Although the physical volume of gold decreased during December (from 12.8 million troy ounces to 12.7 million troy ounces), the value increased from $22.46 billion to $23.06 billion. This is mainly due to the increase in gold prices in the world market during the reporting period.
Also, foreign currency reserves within reserve assets increased from $9.93 billion to $11.64 billion.
Uzbekistan’s gross international reserves have increased by 0.6 billion dollars or 1.8% since the beginning of 2022. The impact of the increase in the price of gold from $1,799.25 to $1,812.35 at the beginning of the year amounted to $0.2 billion, the Central Bank added.
Reserves are also the "safety cushion" of the country - they are necessary as a shock-absorbing factor in case of negative external shocks. According to the recommendations of international organizations, reserves for developing countries should cover at least 3 months of imports.