Uzbekistan's gold and foreign exchange reserves have experienced a sixth consecutive month of decline, reaching their lowest level since April 2020 at $31.04 bn. In September alone, reserves decreased by $1.65 bn, and since the beginning of the year, the country's "financial airbag" has shrunk by $4.7 bn.
As of October 1, the official reserve assets of Uzbekistan stood at $31.04 bn, according to data from the Central Bank. This marks the lowest level since April 1, 2020, when reserves amounted to $31.27 bn. The decline in reserves has been ongoing for 6 months, starting from April, and since the beginning of the year, the country's "financial airbag" has diminished by $4.73 bn.
In September, foreign currency reserves dropped by $1.3 bn (-15%) to $7.39 bn, setting a record low since 2013. Since the start of the year, foreign exchange reserves have decreased by $4.25 bn. Simultaneously, despite a 0.2 mn troy ounce (6.2-ton) increase in the physical volume of precious metal, the value of the gold reserve decreased by $335 mn in September to $23.09 bn. Overall, the gold reserve has diminished by nearly 12.4 tons in nine months, with little change in its value.
The decrease in reserves is occurring against the backdrop of a trade deficit, with imports amounting to $23.61 bn and exports reaching $16.43 bn from January to August. This has resulted in a negative trade balance of $7.17 bn. Additionally, the national currency has depreciated by 8.73% since the beginning of the year, leading the Central Bank to potentially intervene with currency reserves. Remittances from abroad have also decreased compared to the previous year.
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