Uzbekistan’s Central Bank Reports Reserve Decline, Gold Holdings Hit Record High

The Central Bank of Uzbekistan informed that June was the first month since December to see a reduction in Uzbekistan’s international reserves.

As of July 1, the total value of the regulator’s reserves stood at $48.54 billion - down by $1.15 billion or 2.25% compared to the record-high figure of $49.66 billion reported the previous month, The Caspian Post reports, citing Uzbek media.

The value of gold held by the Central Bank rose by $763 million to reach $38.41 billion, setting a new record. This growth was driven by an increase in gold volume from 11.4 million to 11.7 million troy ounces.

In contrast, Uzbekistan’s foreign currency reserves dropped significantly in June - by $1.88 billion. The volume of foreign currency reserves fell from $10.74 billion to $8.85 billion. Of this, $460.9 million is held in accounts with other central banks and the International Monetary Fund (IMF), while $8.39 billion is kept in foreign banks.

Additionally, the volume of securities purchased by the Central Bank increased by $2.5 million in June, reaching $708.8 million. These securities accounted for 1.46% of the total gold and foreign currency reserves.