Uzbekistan’s Gold and Foreign Exchange Reserves Grow by Over 19% in 2024

The Central Bank of Uzbekistan has reported a significant increase in the country’s gold and foreign exchange reserves in 2024.

In 2024, the total volume of official reserves increased from $34.56 billion to $41.18 billion, or by 19.1 percent, The Caspian Post reports, citing Uzbek media.

The physical volume of gold increased by almost 360 thousand troy ounces, and its value by $7 billion 404.52 million. Also, the value of securities purchased by the Central Bank increased by $66.7 million, or 190.5%, reaching $101.7 million since the start of disclosing information (June 2024).

In 2024, due to the maximum increase in gold prices, there was a record increase in Uzbekistan’s international reserves. In November, the country’s official reserve assets increased by 24.8% compared to the beginning of the year and amounted to $43 billion 139.1 million.

After the US presidential elections, gold prices began to fall, which affected Uzbekistan’s gold and foreign exchange reserves. Gross international reserves decreased by $290 million in December.

Uzbekistan’s reserve assets continue to decline for the second month since gold prices began to fall. In November, this difference amounted to $1,671.5 million, and by the end of December - $290.2 million.