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Gold, currency reserves of Uzbekistan up for first time since April

Business Materials 21 November 2018 16:07

Baku, Azerbaijan, Nov. 21

By Fikret Dolukhanov – Trend:

Gross gold and foreign currency reserves of Uzbekistan increased to $26.49 billion by Nov. 1, 2018, which is $87 million less than by Oct. 1 ($26.4 billion), the Central Bank of Uzbekistan (CBU) stated in a message.

Foreign currency assets accounted for $11.8 billion, whereas monetary gold assets – for $14.6 billion.

The net gold and foreign currency reserves amounted to $25.71 billion by Nov. 1, compared to $25.49 billion by Oct. 1.

The CBU said that an increase in gold and foreign exchange reserves in October was caused by rising price of gold from $1,183.7 to $1,217.7 per troy ounce. The estimated impact on the increase amounted to $403.2 million.

The last time the CBU stated the growth of the country's net foreign exchange reserves was in early April, after which the volume have been steadily falling. The CBU relates this process to the decreasing price of gold.

From January to October, the troy ounce fell from $1,296.5 to $1,217.7, having an estimated impact on the reduction of the gold and foreign exchange reserves of Uzbekistan in $853 million.

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