Tuesday, 30, May, 2023

As of May 1, Uzbekistan’s official foreign reserve stands at $35.9 billion, recording $745.3 million increase over the past month, the Central Bank said in a report.

This is a historic record for gold and foreign reserve. Prior to this, the record was set in April 2021, when gold reserves reached $35.52 billion.

The growth was mainly due to an increase in the price of gold reserves by $444.2 million to $21.3 billion. At the same time, their physical volume also increased by 0.2 million troy ounces (6.2 tons) - up to 11.1 million troy ounces (about 345.2 tons).

Foreign currency reserves increased by $331.3 million in April to $13.5 billion.

Year-to-date, Uzbekistan’s gold and foreign reserves have grown by $761.6 million (+2.2%).

Available reserves by far exceed the country's annual imports, which stood at $25.5 billion in 2021. According to the recommendations of international organizations for developing countries, reserves should cover at least three months of imports.

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