Uzbekistan's gold reserves have soared to $34.19 billion, as of April 1, marking a notable 6.2% increase compared to the previous period. Reports from the Central Bank of Uzbekistan shows that March witnessed a substantial surge of $1.99 bn in gold reserves alone.
Uzbekistan's foreign currency reserves experienced a significant boost, rising by $710.7 mn to reach $8.26 bn in March. However, despite this month-on-month increase, the reserves have seen a net decrease of $1.1 bn since the beginning of the year. This dip is attributed to the repayment of sovereign Eurobonds amounting to $500 mn, which were issued in 2019.
The surge in Uzbekistan's gold reserves is primarily fueled by the escalation in gold prices. The Central Bank of Uzbekistan witnessed a staggering increase of $1.28 bn in the value of gold reserves, catapulting the total to $25.37 bn. This surge occurred despite a slight physical decrease in the volume of gold, dropping by 0.35 mn troy ounces (10.9 tons) to 11.5 mn troy ounces (357.7 tons). This volume represents the lowest recorded since May 2022, standing at 11.42 mn ounces.
The meteoric rise in gold prices has been a defining factor in Uzbekistan's bolstered reserves. Throughout March, gold prices surged from $2,055 to $2,246 per ounce, marking an impressive 9.3% increase. This upward trajectory has continued unabated, with prices exceeding $2,335 per ounce by April 8.
Earlier Daryo reported that in February this year, the Central Bank of Uzbekistan gained attention as the leading seller of gold, with the sale of 12 tons of the valuable metal.
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