Uzbekistan’s gold and foreign exchange reserves soar to $34.19 bn as of April 1 — Daryo News

As of April 1, Uzbekistan’s gold and foreign exchange reserves reached a notable $34.19 bn, the Central Bank of Uzbekistan reports. This increase, totalling $1.99 bn in March alone, successfully offset the preceding two months’ decline.

Despite a $710.7 mn increase in March, the total foreign exchange reserves stand at $8.26 bn, persisting as one of the lowest levels observed in recent years. Notably, foreign currency assets sustained below the $10 bn threshold for the eleventh consecutive month.

The Central Bank of Uzbekistan’s deposits with other central banks and the International Monetary Fund experienced a minor decrease, totalling $338.8 mn. Conversely, assets allocated to other foreign financial institutions witnessed a notable upswing, escalating by $760.6 mn, albeit remaining below the $8 bn benchmark.

Uzbekistan’s gold reserves surged significantly, soaring to $25.37 bn at the commencement of April, primarily attributed to record prices in the global market. This translates to a remarkable increase of $1.27 bn compared to February. However, there was a slight decline in the overall weight of gold reserves, totalling 11.5 mn troy ounces (357.69 tonnes), down from 11.9 mn troy ounces (370 tonnes) in the preceding month.

February witnessed a shift in Uzbekistan’s export landscape, with gold revenues accounting for half of the country’s total exports. The total revenue reached $1.31 bn, marking a substantial increase of $1.18 bn y/y.

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