Uzbekistan’s Gold and Currency Reserves Reach Record Levels

As of September 1, Uzbekistan's international reserves reached $39.15 billion. This reserve value is a record indicator for after 2018 when data disclosure began. In August, the value of international assets increased by $1.75 billion, or about 4.7%, compared to July's increase of $1.06 billion. This increase was mainly due to gold. Although the net physical volume of gold in official reserves decreased from 12.1 ounces to 12 ounces during August, the metal's price on the world market has increased significantly. Due to this, the value of the gold part of reserves increased by $1.24 billion or 4.4% to $30.39 billion in one month. Since the beginning of 2024, the price of gold has risen by 20% on the world market. Last month, the price of standard gold bullion exceeded a million dollars for the first time in history. Uzbekistan was one of the countries that bought the most gold in July. In August, reserve assets in foreign currencies increased from $7.68 billion to $8.19 billion (+ $503.1 million). Uzbekistan’s gold-currency reserves have increased by $4.59 billion or 13.3% since the beginning of the year. The Times of Central Asia previously reported that Uzbekistan’s gold reserves reached $37.4 billion in August.