Despite year-end gold decline, Uzbekistan's total reserves increased by $6.6 billion in 2024

In December, Uzbekistan's international reserves continued to decrease for the second consecutive month, with a nearly $300 million decline in international assets, primarily due to a reduction in gold reserves, according to data from the Central Bank.

As of January 1, 2025, the total value of the reserves held by the regulator amounted to $41.18 billion. This represents a decrease of $297.2 million, or 0.7%, compared to the previous month, although the volume remains close to its maximum levels and increased by 19.1% or more than $6.6 billion over the past year.

The value of gold in the Central Bank's holdings fell by $704.4 million and now stands at $32.03 billion. However, the gold reserves remain unchanged at 12.3 million troy ounces (382.57 tons).

Foreign currency reserves of Uzbekistan, on the other hand, increased by $414 million. As of the beginning of January, their volume amounted to $8.59 billion, including $351 million in accounts with other central banks and the International Monetary Fund, as well as $8.14 billion in foreign commercial banks.

Additionally, the value of government securities purchased by the Central Bank slightly increased to $101.7 million. In October, the regulator reported purchasing foreign bonds worth $65 million, which nearly tripled their volume.

Earlier, it was reported that in November, Uzbekistan became the world's second-largest buyer of gold.

#economy #Central Bank #gold