GOLD NEWS

Uzbekistan’s gold and foreign exchange reserves continue to grow amid rising gold prices

Wed May 08 2024

According to the regulator, last month foreign currency reserves fell by $238.6 million to $8.02 billion. Since the beginning of the year, foreign exchange reserves have decreased by $1.35 billion (including due to the repayment of debt on sovereign Eurobonds worth $500 million, which the country issued in 2019).

Against the backdrop of the continued rise in gold prices, the value of gold reserves in the Central Bank increased by $1.16 billion to $26.53 billion. At the same time, the physical volume decreased by only 0.04 million troy ounces (1.24 tons) – to 11.46 million troy ounces (356.45 tons). This is the lowest figure since May 2022 (11.42 million).

In April, gold quotes rose from $2,257 to $2,311 per ounce (+2.4%) and continue to reach historical highs. For example, on April 19, the price exceeded $2,400.

It should be recalled that at the end of 2023, the country’s “financial cushion” sank by $1.2 billion – to $34.56 billion. A decrease in reserves at the end of the year then occurred for the first time since 2018. The physical volume of gold decreased by almost 25 tons over the year.

Source: https://kun.uz/