Uzbekistan's total international reserves increased by $918 mn to $35.1 bn in April 2024. This rise was mainly driven by a sharp increase in the price of gold. The foreign exchange portion of Uzbekistan's reserves decreased by $238.6 mn to $8 bn, the Central Bank of Uzbekistan reports.
Although the physical volume of gold remained stable at 11.5 mn ounces, the increase in gold prices boosted its quantitative value by $1.2 bn to $26.5 bn. It is estimated that around 300,000 ounces of gold, worth approximately $700 mn, may have been sold from Uzbekistan's reserves in April.
As of April 1, Uzbekistan's gold and foreign exchange reserves stood at $34.2 bn, marking an increase of almost $2 bn in March alone, Daryo reported. This increase helped offset the declines observed in the preceding two months.
Despite a $710.7 mn increase in March, Uzbekistan's total foreign exchange reserves remain relatively low at $8.3 bn. This marks the eleventh consecutive month that foreign currency assets remained below the $10 bn threshold.
The Central Bank of Uzbekistan experienced a minor decrease in its deposits with other central banks and the International Monetary Fund, totalling $338.8 mn. However, assets allocated to other foreign financial institutions witnessed a notable upswing, increasing by $760.6 mn, although they remained below the $8 bn benchmark.
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