According to the Central Bank’s monetary market report, the regulator increased its net foreign exchange interventions 3.5 times in the fourth quarter and slightly raised its spending on gold purchases, reaching 30 trillion UZS.

Between October and December 2024, international investors maintained a strong demand for precious metals amid "declining interest rates by major central banks and geopolitical tensions." The price of gold fluctuated significantly, ranging between $2,610 and $2,700 per troy ounce.

The Central Bank purchased gold from local producers for 29.9 trillion UZS, marking a modest 1.3% increase from the previous quarter’s 29.5 trillion UZS.

At the same time, net foreign exchange market interventions, conducted in line with the principle of gold and foreign exchange reserve neutrality, reached 24.5 trillion UZS ($1.9 billion). Compared to the third quarter (6.9 trillion UZS), this figure rose 3.55 times.

The Central Bank noted that the "relative reduction in intervention volumes" has become a seasonal trend. In the fourth quarter, increased foreign currency inflows ensured sufficient supply in the foreign exchange market.

The regulator covered the remaining additional liquidity from gold purchases through "autonomous factors" and managed another portion through monetary policy operations, including the issuance of Central Bank bonds.