Uzbek regulator conducts nearly $2bn of currency interventions in 3Q23

By Muzaffar Ismailov in Tashkent October 25, 2023

Uzbekistan’s central bank conducted 3Q23 currency interventions worth almost $2bn, according to the regulator.

Compared to the second quarter, however, the volume of FX interventions decreased by more than 18% to UZS 22.8 trillion ($1.9bn).

The third quarter saw the Uzbekistani som lose almost 6% versus the dollar. On one day in mid-August, it weakened by UZS 400 in a day, breaking through the threshold of UZS 12,000 per dollar. The ailing Russian ruble has hit Central Asian currencies.

From July to September, the central bank spent UZS 19.5 trillion on the purchase of monetary gold, a figure that was up 19.6% y/y. Nevertheless, in comparison with 2Q23, the volume of gold purchases on the domestic market remained unchanged.

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