The volume of gross gold and foreign exchange reserves of Uzbekistan as of June 1 amounted to $ 35.5 billion, having increased by $ 1.3 billion over the month, follows from the data of the Central Bank. This is the highest figure in the entire history of statistics on gold reserves, Trend reports with reference to Gazeta.uz.
The previous record figure was at the end of 2020 – as of December 1, the Central Bank’s reserves reached $ 34.9 billion. But after that, they began to decline due to the fall in the price of gold.
But since April, precious metals began to rise in price again, which led to an increase in the gold and foreign exchange reserves. If by the end of March gold was worth less than $ 1,700, then by the end of May its quotes broke through the $ 1,900 mark. In June, it began to fall in price and at the time of publication is trading at $ 1,893.
The volume of gold in the structure of gold and foreign exchange reserves has been growing since September – from 9.6 to 11.7 million troy ounces, but in May, gold in reserves decreased by 0.4 million troy ounces (about 12.4 tons). This may indicate a possible sale of the precious metal by the Central Bank. The regulator could take advantage of the market situation and sell gold at a favorable price. Earlier, the head of the Central Bank Mamarizo Nurmuratov reported that expensive gold during the pandemic brought the country’s economy an additional 24 trillion soums.
Uzbekistan last sold gold in August, when the highest gold exchange price ever recorded – $ 2,069.5.
The value of reserves in gold increased by $ 745.7 million, in foreign currency – by $ 579 million.