Uzbekistan's gold and foreign exchange reserves have grown to a historic level
One of the important indicators for the Uzbek economy — gold and foreign exchange reserves set another record in April. According to the Central Bank, as of May 1, the reserves reached 49.25 billion dollars, which is the highest figure recorded in history for the first time.
March record left behind
In April, the volume of reserves increased by 1.4 billion dollars or 2.93 percent compared to the previous month. It is worth noting that the previous record of 47.85 billion dollars recorded in March was also a result of this year.
New record in gold value
The Central Bank's report indicates that gold reserves increased by 772.64 million dollars, reaching a total value of 37.65 billion dollars. This is also considered a historical record in terms of value.
However, a decrease in physical volume was observed. The amount of gold:
- in March: 11.82 million troy ounces (367.09 tons)
- in April: 11.46 million troy ounces (355.83 tons)
Thus, although the physical quantity decreased, the overall value increased due to the rise in the price of the precious metal in the international market.
Foreign exchange reserves remain almost unchanged
Currently, no significant changes have been recorded in the volume of foreign exchange reserves. By the end of April, they amounted to around 10.33 billion dollars, having increased by only 116.08 million dollars.
Structurally:
- Accounts in the IMF and other central banks: 361.94 million dollars;
- Reserves in foreign banks: 9.96 billion dollars.
Uzbekistan — world leader in gold sales
According to the WGC (World Gold Council), Uzbekistan maintained its first place in the world for gold exports in March 2024.
In just that month, 11 tons of gold were sold. Additionally, the volume of net gold sales for the first quarter of 2024 amounted to 15 tons.
The editorial team of Zamin.uz evaluates such record figures in the volume of reserves as an important step towards Uzbekistan's financial stability, immunity against external influences, and economic independence. The growth of gold and foreign exchange reserves is also considered a positive signal for the stability of the national currency, credit ratings, and investment attractiveness
