Uzbekistan's gold reserves surge by $2 billion in March
Uzbekistan's gold reserves surge by $2 billion in March
Uzbekistan's gold and currency reserves increased by $2 billion in March, rebounding after two months of decline, according to data from the Central Bank.
As of March 1 this year, the country's gold and currency reserves stood at $34.19 billion. Last month, international assets grew by $1.99 billion, almost offsetting the earlier decline in the year.
The amount of foreign currency assets was $8.26 billion, remaining near recent lows. This amount increased by $710.7 million last month but has stayed below $10 billion for 11 consecutive months. Deposits of the Central Bank of Uzbekistan with other central banks and the IMF decreased notably to $338.8 million.
Despite an increase of $760.6 million, funds held in accounts with other foreign financial institutions remain below $8 billion. The country's gold reserves rose significantly to $25.37 billion at the start of April. This increase of $1.27 billion from February was due to record high gold prices.
The physical volume of gold in reserves decreased from 11.9 million troy ounces (370 tons) a month ago to 11.5 million troy ounces (357.69 tons). In February, the Central Bank of Uzbekistan sold 12 tons of gold, leading globally in terms of precious metal sales.
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