Uzbekistan's gold reserves up, FX reserves down
Uzbekistan's gold reserves up, FX reserves down
Uzbekistan’s gross gold and FX reserves as of August 1 amounted to $35.1bn, according to the data unveiled by the Central Bank. This is by $964mn more than it was in July.
The regulator said that the gold price was the main reason for growth. The country has almost $21.5bn worth of gold in its reserves. In July, gold was worth around $1,800 per ounce, now it is below $1,740.
FX reserves dipped from $13.5bn in July to $13.1bn in August.
Uzbekistan considers its reserves as a safety cushion. They are needed as a buffer in case of adverse external shocks, while the sufficiency of reserves directly depends on the nature of these shocks.
The current reserves, according to calculations, would be enough to finance more than 20 months of imports. This is much more than the indicator recommended by international organizations for developing countries, which is three months.
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