In spite of the amount of Uzbekistan’s gold reserve republic increasing by more than 9 tons, its monetary value to decrease due to the drop of gold price quotations in the world financial market. The decrease in the price of gold resulted in the Central Bank not exporting it since March.
The Central Bank has updated information on Uzbekistan's international reserves.
As of September 1, 2022, Uzbekistan’s gold and currency reserves topped 34.08 billion dollars. For comparison, this indicator was 34.6 billion dollars as of August 1, 2022. The figures show that the official reserves decreased by 527 million dollars in the last month.
Although the physical volume of gold increased significantly during August: from 12 million troy ounces to 12.3 million troy ounces (about 9.33 tons), the value decreased from $21.07 billion to $21 billion.
Also, foreign currency reserves assets decreased from $12.47 billion to $12.04 billion or by $432.9 million.
Uzbekistan’s gross international reserves decreased by 1.06 billion dollars or 3% YTD. The impact of the drop in the price of gold from $1,799.25 to $1,712.4 at the beginning of the year amounted to $1.07 billion, said the Central Bank.
