Uzbekistan’s gold-currency reserves increase by $1.5bn m/m, reaching $36.6bn — Daryo News
Uzbekistan’s gold-currency reserves increase by $1.5bn m/m, reaching $36.6bn
Uzbekistan’s gold-currency reserves experienced an increase in May, surging by $1.5bn to reach a record $36.6bn. This substantial growth reflects the country’s strengthening financial stability and its strategic management of monetary assets.
Otabek Bakirov, an economist, highlighted that for the first time in the history of Uzbekistan’s open data records, the reserves included $35mn worth of securities.
The foreign currency reserves saw a rise, increasing by $1.2bn to a total of $9.3bn. This boost is attributed to effective financial policies and an improved balance of payments.
While the physical volume of gold decreased to 11.4 mn ounces due to the sale of 400,000 ounces and purchases from producers, the monetary value of the gold reserves rose by $278.8mn, reaching a total of $26.8bn.
Uzbekistan’s gold reserves surged to $25.37 bn at the commencement of April, primarily attributed to record prices in the global market. This translates to an increase of $1.27 bn compared to February. However, there was a slight decline in the overall weight of gold reserves, totaling 11.5 mn troy ounces (357.69 tonnes), down from 11.9 mn troy ounces (370 tonnes) in the preceding month.
Uzbekistan’s gold reserves had already shown significant growth, reaching $25.37bn at the start of April. This surge was primarily driven by record prices in the global gold market, resulting in a $1.27bn increase compared to February.
However, there was a slight decline in the overall weight of gold reserves, totaling 11.5 mn troy ounces (357.69 tonnes), down from 11.9 mn troy ounces (370 tonnes) in the previous month.
Follow Daryo’s official Instagram and Twitter pages to keep current on world news.
