Uzbekistan’s Reserves Rise to US$72.1 Billion in August

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s international reserves increased from US$64.4 billion to US$72.1 billion in August, according to the Central Bank of Uzbekistan.

At the same time, the volume of foreign currency reserves declined over the month, from US$7.7 billion to US$6.6 billion.

Gold accounted for the main increase in total reserves. The value of gold holdings rose by US$8.8 billion to US$64.9 billion, while the physical volume increased from 13.8 million to 14.1 million troy ounces.

The increase in the value of gold holdings coincided with a rise in global gold prices. In August, gold prices increased by 13.6% to US$4,602 per troy ounce. As of 7 September, prices had fallen to around US$4,400 per ounce.

Following a sharp decline in July, the volume of international securities in the regulator’s portfolio changed little in August, standing at US$1.8 billion. They accounted for around 2.4% of total international reserves.

Overall, gold now accounts for around 90% of Uzbekistan’s total international reserves, while foreign currency reserves make up about 9%. The remaining reserve assets consist of special drawing rights (SDRs), which stood at US$571 million at the end of August.