• KGS/USD = 0.01150 0%
  • KZT/USD = 0.00222 0%
  • TJS/USD = 0.09432 1.18%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01150 0%
  • KZT/USD = 0.00222 0%
  • TJS/USD = 0.09432 1.18%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01150 0%
  • KZT/USD = 0.00222 0%
  • TJS/USD = 0.09432 1.18%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01150 0%
  • KZT/USD = 0.00222 0%
  • TJS/USD = 0.09432 1.18%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01150 0%
  • KZT/USD = 0.00222 0%
  • TJS/USD = 0.09432 1.18%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01150 0%
  • KZT/USD = 0.00222 0%
  • TJS/USD = 0.09432 1.18%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01150 0%
  • KZT/USD = 0.00222 0%
  • TJS/USD = 0.09432 1.18%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01150 0%
  • KZT/USD = 0.00222 0%
  • TJS/USD = 0.09432 1.18%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 52

Uzbekistan’s Reserves Reached $36.6 Billion in May.

The Central Bank of Uzbekistan has stated that its gold and hard currency reserves reached in excess of $36 billion in May, an increase of over $1.5 billion compared to the previous month. However, the physical volume of gold in reserves decreased by 11.4 million troy ounces. Furthermore, the volume of the regulator’s deposits with the central banks of other countries and the International Monetary Fund increased significantly and amounted to $422.7 million. The amount of funds in the accounts of other foreign financial institutions also increased by $1.2 billion. The Times of Central Asia previously reported that as of March 1st, 2024, Uzbekistan’s official reserves amounted to $32.19 billion, having decreased by $2.37 billion in January and February.

High Gold Prices Keep the Uzbek Economy Afloat

In March this year, Uzbekistan became the largest seller of gold in the world: eleven tons of the strategic asset were sold. This strategy has allowed it to maintain reserves at a time of increasing government debt and state budget deficit. "We have a trade deficit, a budget deficit. Perhaps other exports are not as good as we would like them to be. With high gold prices amid geopolitical instability, there are worse times to sell gold," Yuli Yusupov, an independent Tashkent-based economist, told Radio Ozodlik. As of May 1, Uzbekistan's foreign exchange reserves totaled $34.2 billion, of which about $26.5 billion was gold, according to the country's Central Bank. By the end of 2023, the country's "financial safety cushion" has decreased by $1.2 billion - from $35.77 billion to $34.56 billion. Gold helps Uzbekistan "stay afloat" in difficult economic conditions. Between 2010 and 2014 the country exported 207 tons; between 2015 and 2020 it exported 480 tons. Now, Uzbekistan produces an average of 100 tons of gold per year, with plans to produce 150 tons. At this rate, gold reserves should last 20-30 years, but the republic is developing new quarries, the reserves of which could be quite impressive. For example, reserves in the Yoshlik mine may be up to 5,000 tons. Nevertheless, according to analysts, the constant sale of gold is not a long-term solution, and it will be necessary to develop industrial production and services, and export goods with high added value. Uzbekistan's growing dependence on gold is evidence of obvious problems in the economy, which, despite visible positive changes, remains in a deadlock. By the end of 2023, when Uzbekistan's trade deficit amounted to a record $13.7 billion, the share of gold exports in the total volume rose to a third. President Mirziyoyev's rise to power marked sweeping economic reforms that have attracted foreign investors, but at the same time increased external debt, which by the end of 2023, according to the International Monetary Fund, amounted to $31.7 billion, or 35.1% of the country's GDP, roughly doubling in the past five years. Under Islam Karimov (Uzbekistan's first president) this varied between 10-15%.

Uzbekistan’s First Quarter 2024 Gold Exports Rise to $2.66 Billion

Uzbekistan exported gold worth $2.66 billion in the first quarter (January-March) of 2024. In 1Q 2024, Uzbekistan's total foreign trade turnover amounted to $15.8 billion, which is almost $1 billion (6.2%) more than in the same period in 2023. Exports increased by 10% to $6.38 billion, and imports increased to $9.44 billion. The foreign trade deficit decreased slightly and amounted to $3.05 billion, which is $232.2 million less than in 2023. In 1Q 2024, gold exports increased by 10.5% annually and amounted to $2.66 billion -- in 1Q 2023, the figure was $2.41 billion. Revenues from gold exports comprised 41.7% of the country’s total exports. More than $1.35 billion worth of gold was exported in March, or nearly the same amount as in February ($1.32 billion). Looking at the total annual figures, in 2023 Uzbekistan's total export volume was $24.4 billion. Of that sum, 33.4%, or $8.1 billion, was accounted for by gold exports.

Uzbekistan Sold the Second Most Gold Last Year; Kazakhstan Held Top Spot

In 2023, Uzbekistan ranked second in the world in total gold sales, as the country sold more than 25 tons of the precious metal. That's according to data provided by the World Gold Council. Kazakhstan, having sold twice as much gold, took first place on the list. Annual revenue from Uzbek gold exports reached $8.15bn -- almost twice as much as in 2022. China bought the most gold last year, almost 230 tons. Poland, Singapore, Libya and the Czech Republic followed China on the list of top buyers. At the end of last year, gold set another record price of $2,135.39 per troy ounce, the highest price since the 2020 Covid-19 pandemic. Experts attribute gold's price gains to persistently high inflation and the conflict in the Middle East. Uzbekistan, with 362 tons of gold reserves, ranks 15th in the world. Among the Central Asian republics, it's outranked only by Kazakhstan with 402 tons of gold. The country's gold reserves can act as a shock absorber or insurance policy for the national economy -- which may be needed in cases of unfavorable macroeconomic conditions or as a defense against various financial or banking crises. According to the Central Bank of Uzbekistan, as of February 6, a five-gram gold bar costs $335. The country's central bank first began issuing and selling gold bars to the public in November 2020. They are made of pure, 999.9-grade gold weighing five, 10, 20 and 50 grams. They can be purchased through banks across  the republic at prices set by the regulator -- based on quotes from international markets, the exchange rate of the sum against the U.S. dollar, as well as the regulator's margin. The price of bullion is published daily. According to Central Bank head Mamarizo Nurmuratov, "in the near future, Uzbekistan's producers will be able to sell gold directly on the world market". Currently, the Central Bank of Uzbekistan buys gold inside the country in sums and sells them for dollars on the foreign market.

Kyrgyz Gold Mines Produce Over 20 Tons Annually, But Local Jewelers Pay Above Global Price

Jewelers in Kyrgyzstan produced goods worth $1.6 million in 2023, five times more than in 2022, the Ministry of Economy and Commerce of Kyrgyzstan has stated. The ministry said the jewelry industry is important for the republic, not only because of its income, but also because of its importance in the country's culture, history, and tourism, and the government will support it in every way possible. "As part of the state support to date, jewelry manufacturers pay VAT with an 80% reduction. The leadership of the ministry highly appreciates the contribution of manufacturers to the preservation and development of this beautiful art," Deputy Minister of the Economy and Commerce, Ainura Usenbekova said at a meeting with jewelers. Meanwhile, the jewelers noted that despite the fact that more than 20 tons of gold is mined annually in Kyrgyzstan, the main problem for their industry is the supply of this precious metal. "The situation in this area has not changed for many years. We do not have physical access to metal, and if we do, it is at an inflated price. Gold bars sold to us by the National Bank between 5 and 20% more expensive than the global gold price. Plus, another 5% is added by Kyrgyzaltyn," said Stalbek Akmatov, president of the Kyrgyz Jewellers Union. Kyrgyzaltyn a Kyrgyz state company which controls gold circulation in the country Jewelers believe that until issues with the price of gold are settled so it's sold on the domestic market at prices comparable to those on the London Mercantile Exchange, serious development of the industry is out of the question. The Ministry of the Economy stated that they are aware of the problem, and the authorities are ready to discuss and work on creating competitive conditions for the continued development of the industry.

EDB loans $44 million to Kazakhstan’s gold producer

ASTANA (TCA) — The Eurasian Development Bank (EDB) and Altynalmas, a major gold producer in Kazakhstan, have signed loan agreements for a total of US $44.6 million to finance Altynalmas Group of Companies’ investment programs aimed at enhancing gold production. Continue reading

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