Uzbekistan ranks fifth in global gold purchases
Uzbekistan ranks fifth in global gold purchases
In the third quarter, Uzbekistan ranked fifth globally in gold purchases. The World Gold Council noted that the Central Bank of Uzbekistan bought 7 tons of gold in that period.
China secured the top spot by increasing its gold reserves by 78 tons, followed by Poland and Turkey, purchasing 57 and 39 tons of gold, respectively. Other significant gold buyers include India, the Czech Republic, Singapore, Qatar, Russia, the Philippines, and Kyrgyzstan.
Uzbekistan halted gold sales abroad in August. Their export of precious metals has generated almost $5.7 billion since the start of the year, nearly doubling last year's earnings.
Reportedly, Uzbekistan's gold and currency reserves have been decreasing for the sixth consecutive month. As of October 1, the country's reserves dropped by $1.65 billion to $31.03 billion, marking a nearly $4.4 billion decrease compared to March, the lowest level since March 2020.
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