Uzbekistan's international reserves fell to $70.58bn as of June 1, declining by $307.3mn from the previous month as lower global gold prices weighed on the value of the country's reserve assets.
According to data published by the Central Bank, the decline was primarily driven by a drop in the market value of gold reserves. During May, gold prices fell from $4,625.80 per troy ounce to $4,516.85, reducing the value of Uzbekistan's reserves by an estimated $1.5bn.
Despite the monthly decline, the country's reserves remain above the $66.31bn recorded at the beginning of the year. In March, Uzbekistan's international reserves reached a record high of more than $77bn.
Gold holdings increase despite lower valuation. The value of Uzbekistan's gold reserves decreased by $156mn during the month to $61.43bn.
However, the physical volume of gold held by the Central Bank continued to rise. Gold holdings increased from 13.3mn troy ounces to 13.6mn troy ounces, indicating continued accumulation despite the decline in market prices.
Gold remains the dominant component of Uzbekistan's reserve assets, accounting for approximately 87% of total international reserves.
The foreign currency portion of the reserves also recorded a slight decrease, falling from $8.72bn to $8.57bn.
According to the Central Bank, $5.72bn of these assets are held in deposit accounts with foreign banks, while $2.85bn are invested in securities issued by foreign entities.
