According to WGC, last year, the Central Bank of Uzbekistan increased its gold reserves by 34 tons, according to World Gold Council (WGC) data.

The regulator started 2022 as a seller of the precious metal and ended it as a buyer. 

The central banks of Kyrgyzstan and Tajikistan also increased their gold reserves – by 6 and 4 tons, respectively.

In total, the central banks of different countries purchased 417 tons of gold in the fourth quarter, and 862 tons in the second half of the year.

WGC experts highlighted geopolitical uncertainty and high inflation as key reasons for holding gold.