Gold and foreign exchange reserves of Uzbekistan increased by $ 2 billion

21 January 2021

The volume of gross gold and foreign exchange reserves of Uzbekistan as of January 1, 2021 amounted to $ 34.9 billion, an increase of $ 2 billion compared to last month.

Official reserve assets of Uzbekistan as of January 1 of this year amounted to $ 34.9 billion (as of December 1, 2020, $ 32.8 billion), follows from the data of the Central Bank (CB), international reserves - $ 33.8 billion (as of December 1, 2020, $ 31.9 billion)

Last month, the volume of reserves in foreign currency was less by almost $ 2 billion (as of December 1, 2020 - $ 32.8 billion).

Gold and foreign exchange reserves are showing growth since the beginning of 2021. In the last four months of last year, they have been decreasing.

The bulk of the country's gold and foreign exchange reserves, $ 20.21 billion, is stored in the form of monetary gold. $ 14.03 billion is held in foreign exchange and deposits (up from $ 14.04 billion last month).According to the Central Bank of the Republic on January 21, the cost of one ounce of gold is $ 1842.81 (on November 15, the cost of one ounce of gold was $ 1842.50).

Earlier, Khalilullokh Khamidov, an expert at the Center for Economic Research and Reforms, explained why foreign exchange reserves increased and the net volume of gold decreased. According to CEIR calculations, the increase in gold and foreign exchange reserves in January-August 2020 was mainly due to a significant increase in gold prices on the world market, and a decrease in the net volume of gold by 37 tons this year cannot be evidence that Uzbekistan's foreign exchange reserves have decreased.

Given the record rise in gold prices, some of the gold reserves were moved from monetary gold to foreign exchange reserves, which increased as a result. This is one of the most effective solutions especially in light of the fact that the price of gold in the world market began to decline from a record high.

Source: https://review.uz/post/zolotovalyutne-rezerv-uzbekistana-vrosli-na-2-mlrd