Uzbekistan’s international reserve assets declined in September, according to data released by the Central Bank of Uzbekistan.

As of October 1, the country’s total gold and foreign currency reserves amounted to $66.58 billion, down $5.54 billion, or 7.69%, over the month. The decrease was primarily driven by a negative revaluation of gold holdings amid changes in global market prices and a reduction in foreign currency assets, The Caspian Post reports.

The value of gold held by the Central Bank fell by $4.83 billion, or 7.46%, to $60.08 billion. However, the physical volume of gold increased to 14.34 million troy ounces, equivalent to approximately 446.2 tonnes, compared with 14.11 million ounces in the previous month.

Gold prices, which reached a local high of around $4,660 per troy ounce at the end of August, underwent a moderate correction on global markets in September. Prices remained within the $4,300-$4,450 range during the first half of the month before falling below $4,200 per ounce in the second half. By the end of September, prices had settled slightly above that level.

Uzbekistan’s foreign currency reserves stood at $5.92 billion at the end of September, representing a monthly decrease of $702.8 million, or 10.59%.

Cash and deposits held at other banks declined by 12.92% to $4.24 billion. This amount included $1.1 billion held at foreign central banks and the International Monetary Fund (IMF), up 0.34%, and $3.13 billion held at foreign commercial banks, down 16.78%.

Meanwhile, foreign securities on the Central Bank’s balance sheet decreased by $73.7 million in September to $1.69 billion, a decline of 4.18%. Despite the reduction in value, their share of total reserves edged up to 2.54%, compared with 2.45% in the previous month, as overall reserve assets declined more sharply.