Uzbekistan’s Gold Reserves Drop by $1.7 Billion in December
Uzbekistan’s international reserves declined in November, with the Central Bank of Uzbekistan reporting a decrease of $1.7 billion, or approximately 3.9%, bringing the total reserves to $41.5 billion as of December 1. The country’s gold reserves, which form a significant part of its international assets, saw a decrease in value by $623 million—from $33.4 billion to $32.7 billion—despite a slight increase in the physical volume of gold to 12.3 million troy ounces. Meanwhile, assets in freely convertible currency dropped by $1.04 billion in November, reaching $8.2 billion. This decrease is mirrored in the cash held in foreign accounts by the Central Bank, which also fell by $1.04 billion to $8.08 billion. Of this, $370.1 million is held in accounts with other central banks and the International Monetary Fund (IMF), while the remaining $7.7 billion is distributed among foreign financial institutions. In contrast to the decline in gold and currency reserves, the value of securities purchased by the Central Bank rose slightly, increasing by $101.3 million during the same period. Uzbekistan’s international reserves had reached a record high of $39.15 billion as of September 1, a peak since the country began disclosing reserve data in 2018. While November’s decline marks a significant drop, the reserves remain above the levels recorded earlier in the year. The fluctuation in Uzbekistan’s reserves reflects changing global market conditions and highlights the dynamics of managing gold and foreign currency assets. As the Central Bank navigates these challenges, the stability and long-term outlook of Uzbekistan’s financial reserves remain areas to watch closely.