Uzbek central bank becomes one of world’s largest gold buyers in June

By Muzaffar Ismailov in Tashkent July 19, 2023

Uzbekistan has placed fourth for central bank gold buying in June. 

World Gold Council (WGC) data showed Central Asia’s second largest economy increased its stock of the precious metal for the first time since February by buying eight tonnes of gold.

WGC noted that a number of central banks around the world increased their gold reserves in June.

The largest central bank buyer, it said, was the People's Bank of China at 21 tonnes, expanding its total volume of gold to 2,113 tonnes.

The central bank of Poland placed second with approximately 13 tonnes, taking its reserve to 276 tonnes, while the Turkish central bank was third with the purchase of 11 tonnes.

The Uzbek central bank said the tonnage of the national gold reserve has expanded by 6.2 tonnes in the past month. At the same time, due to a slight decrease in quotations, its value sank by $137mn.

In previous months, the republic actively exported precious metals. In May, deliveries reached $1.3bn.

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