Uzbekistan’s international reserves drop by $1.7b since the year beginning

As of December 1, the country’s gold and foreign currency reserves amounted to $33.44 billion, down by $1.7 billion compared to the January 1 figures ($35.14 billion). Although the physical volume and value of gold have increased significantly over the past period, foreign currency reserves within reserve assets have decreased by $3.14 billion.

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The Central Bank has updated stats on Uzbekistan’s international reserves.

As of December 1, 2022, the gold and currency reserves of Uzbekistan amounted to $33.44 billion. For comparison, as of November 1, the figure was $32.31 billion. This shows that Uzbekistan’s official reserves have increased by $1.13 billion in the past month.

Although the physical volume of gold (12.8 million troy ounces) did not change during November, its value increased from $21 billion to $22.46 billion. This is mainly due to the increase in gold prices in the world market during the reporting period.

Foreign currency reserves within reserve assets, however, decreased from $10.29 billion to $9.93 billion.

“The gross international reserves of Uzbekistan decreased by $1.7 billion or 4.83% compared to the beginning of 2022. The impact of the drop in the price of gold from $1,799.25 to $1,759.65 at the beginning of the year amounted to $0.51 billion,” the Central Bank said.

Reserves are also the country’s “safety cushion” – they are necessary as a shock-absorbing factor in case of negative external shocks. According to the recommendations of international organizations, reserves for developing countries should cover at least 3 months of imports.

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