Uzbekistan’s international reserves decline almost $1bn in August

By Muzaffar Ismailov in Tashkent September 12, 2023

Uzbekistan's gold and FX reserves amounted to $32.69bn as of September 1, down by almost $1bn m/m, according to central bank data.

On a comparison against March, the international reserves were lower by almost $2.7bn, reaching a multi-year low.

Hard currency assets amounted to $8.7bn, a record low figure in the time that statistics on the indicator have been published. During August, they fell by $860mn.

The central bank also said that the volume of its deposits placed in the central banks of other countries, as well as at the IMF, more than halved during August to $808mn.

At the same time, the gold reserves of the republic significantly increased, moving up to $23.43bn as of the beginning of September, up $410.5mn versus the start of August.

The tonnage of the gold reserves increased by 2.5% to 12.1mn troy ounces (343 tonnes) against the 11.8mn troy ounces (334.5 tonnes) seen a month earlier. The increase in the physical volume of gold was attributed to falling gold prices on the world precious metals market, which deterred sales. That decline lasted until August 21, when the price dropped to $1,910 per troy ounce.

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