Uzbekistan’s international reserves shrink in April


According to from the Central Bank, Uzbekistan’s official reserve stood at $35.2 billion as of May 1, 2023, declining by $230 million in April.

Foreign exchange reserves kept declining, reaching $9.93 billion (-$181.4 million), while foreign exchange reserves decreased by $1.71 billion year-to-date.

The gold reserves decreased by $50 million to $24.2 billion. The physical amount of the precious metal fell by 0.1 million troy ounces (3.1 tonnes) to 12.1 million troy ounces (around 379.4 tonnes). This may suggest that Uzbekistan exported gold in April.

The decline in “gold” reserves came amid a rise in gold prices — its quotations in April rose from $1,999 to $2,034 per ounce.

The available reserves exceed the country’s imports for 2022, which amounted to $30.67 billion. According to the recommendations of international organisations for developing countries, reserves should cover at least three months of imports.

The Tashkent Times


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