Uzbekistan's Gold and Foreign Exchange Reserves Approach Record $48 Billion

Uzbekistan’s foreign exchange reserves held by the Central Bank reached a record high of $47.85 billion by the end of March, reflecting an increase of $2.9 billion in just one month.

The main driver behind this growth was the rise in the value of the country’s gold reserves, which increased from $34.9 billion to $36.9 billion, despite a decrease in the physical volume of gold from 12.2 million to 11.8 million troy ounces, The Caspian Post reports citing Kun.uz.

Foreign currency reserves also grew, rising from $9.5 billion to $10.4 billion, while the volume of international securities remained virtually unchanged at around $203 million.