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.
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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.
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
TASHKENT (TCA) — Uzbekistan's gold reserves are expected to increase by 474 tons worth 18.75 billion U.S. dollars during 2020-2024, according to a draft document published on February 26 by the country's State Committee for Geology, Xinhua news agency reports. Continue reading
BISHKEK (TCA) — As the Kyrgyz government again wants to revise its agreement with Canada-based Centerra concerning the Kumtor gold mine, we are republishing this article on the issue, originally published by Eurasianet: Continue reading
BISHKEK (TCA) — Many Kyrgyzstanis are not happy with the current economic situation in their country, and the latest statistical data prove that. According to the National Statistical Committee, the country’s GDP lowered 0.2% over the first seven months of 2018. The state budget deficit is growing, as the state spends more than it earns. Continue reading