Uzbekistan experienced a significant decrease of over $2 billion in its gold and currency reserves

During the first two months of this year, Uzbekistan saw a notable decline in its gold and currency reserves, as reported by the Central Bank.

As of March 1, the country's reserves dropped by $2.37 billion, totaling $32.2 billion.

In January, foreign currency reserves decreased by $1.44 billion, followed by a $381.5 million decline in February. Consequently, the overall decrease over two months amounted to $1.82 billion.

Last September, foreign exchange reserves hit a record low of $7.55 billion.

While gold reserves increased by $293.7 million in January, reaching $24.92 billion, they decreased to $829.1 million in February.

Despite a slight increase of 0.3 million troy ounces in January, gold reserves returned to the December level of 11.9 million troy ounces in February.

The Central Bank attributes the fluctuations in international reserves since the beginning of the year to seasonal patterns.

"These trends are typically observed in January and February. Additionally, the extinguishment of a portion of the sovereign Eurobonds issued in 2019 contributed to this dynamic," stated the regulator.

In 2023, Uzbekistan ranked as the world's second-largest gold seller, with a net trade in precious metals exceeding 25 tons.