Uzbekistan ranks sixth globally in gold reserve growth, expanding holdings by 154 tons from 2013 to 2023
Mon Oct 07 2024
Uzbekistan has secured the sixth position among countries actively increasing their gold reserves between 2013 and 2023, according to a report by the World Gold Council. During this decade, Uzbekistan expanded its gold reserves by 154 tons, highlighting the country's efforts to strengthen its foreign exchange holdings.
Russia led the rankings with a staggering increase of 1,300 tons of gold over the same period, followed by China with 1,200 tons and Turkey with 424 tons. Close behind Uzbekistan, Kazakhstan ranked seventh, adding 151 tons to its reserves.
Global central banks continue to view gold as a valuable asset, with 29% indicating plans to further boost their reserves by 2025. This marks the highest level of interest in gold purchases since 2018, signaling a trend of increased demand for the precious metal among national banks.
In March 2024, Uzbekistan's Central Bank made headlines by selling 11 tons of gold. This move contributed to a global uptick in gold sales, with central banks collectively selling 25 tons of gold in March, representing a 31.7% increase from the previous month. Uzbekistan, alongside other key sellers, played a pivotal role in this surge.
Uzbekistan remains a major player in the global gold market, holding 357.7 tons of gold as of March 2024, which accounts for 74.3% of the country's total reserves.
Earlier reports also noted that Uzbekistan became the world's second-largest gold purchaser in February 2024, after acquiring 9 tons of gold in December 2023. This marked an increase from the 6.5 tons purchased in the third quarter of 2023.
Source: https://daryo.uz/en/