Uzbekistan has witnessed a decrease in its gold and foreign exchange reserves, primarily attributed to a reduction in gold holdings. According to data released by the Central Bank, Uzbekistan’s official reserve assets reached $32.89 billion as of December 1, marking a modest decrease of $7.5 million in November, TuraNews.kz reports.
Throughout the year, the nation’s financial reserves have experienced a notable decline, amounting to $3.04 billion since the beginning of 2023. The latest statistics reveal that the price of gold surged globally, reaching a historic high of over $2100 per ounce in early December, signaling a 3.1% increase from $1992 per ounce in November.
The Central Bank, responding to the soaring gold prices, saw a reduction in the physical volume of gold in reserves by 0.4 million troy ounces (approximately 12.4 tons), bringing the total to 11.6 million troy ounces (360.8 tons). This decrease in gold reserves corresponds to a decline in value by $246.5 million, settling at $23.7 billion.
Despite a potential gold sale exceeding $1 billion, the country’s foreign currency reserves experienced a marginal increase of $237.9 million, reaching $8.62 billion. However, this comes against the backdrop of a larger trend, with foreign exchange reserves dwindling by $2.7 billion since the beginning of the year.
In a notable economic achievement, Uzbekistan reported a record gold export figure of $1.23 billion in October, contributing to a staggering 2.3 times increase over the same period last year, totaling $6.87 billion in exports for the first 10 months of the year. Notably, in October, Uzbekistan secured the top position in global gold sales, depleting its reserves by 11 tons to a total of 339 tons.
