Uzbekistan’s gold and foreign exchange reserves fell by $8.1 billion

In March this year, the value of Uzbekistan’s gold and foreign exchange reserves decreased by $8.1 billion. This was reported in the Central Bank’s latest data.

According to the Central Bank, as of April 1 this year, Uzbekistan’s international reserves stood at $68.99 billion. Over the course of March, they declined by $8.1 billion.

The foreign currency portion of the reserves fell by $1.26 billion, while the value of the gold component decreased by $6.82 billion. At the same time, the physical volume of gold increased from 13.1 million to 13.4 million troy ounces. Meanwhile, the securities portfolio remained almost unchanged at around $1.5 billion.

It should be noted that the decline in reserves was linked to a drop in global gold prices in March.

According to international standards, Uzbekistan’s reserve level remains very high. The reserves are enough to cover approximately 17.5 months of imports, whereas the minimum level recommended by the International Monetary Fund is three months.

It is worth noting that as of January 1 this year, the total value of the regulator’s reserve assets stood at $66.31 billion.