Uzbekistan’s Reserves Top $50 Bn for First Time

Uzbekistan’s gold and foreign exchange reserves climbed to a record $50.08 bn as of September 1, according to the Central Bank. This marks an increase of $1.34 bn compared with the previous month.

The key driver of growth was gold, whose value rose to $40.06 bn. Uzbekistan also expanded its gold stock in physical terms, from 11.7 mn to 11.8 mn ounces.

The foreign currency component of reserves edged down slightly to $9.5 bn. Of this, around $900 mn is held with international institutions and central banks, while some $7.5 bn is placed in foreign commercial banks.

In addition, the securities portfolio within the reserves grew to $1.016 bn, bringing its share to more than 2% of the total.

Kursiv also reports that gold has reached a new record this week, passing $3,500 an ounce for the first time.