Uzbekistan siginificantly increases gold exports
BAKU, Azerbaijan, May 26
By Ilkin Seyfaddini - Trend:
Uzbekistan exported over $1.55 billion worth of gold in the period from January through April 2020, Trend reports citing the Uzbek State Statistics Committee.
Growth, compared to the period from January through April 2019, is 26.5 percent. The share of gold in the structure of Uzbekistan's exports in the period from January through April 2020 made 35.3 percent.
Uzbekistan has increased export of gold in recent years. The volume of gold exports in 2015 exceeded $823.9 million, in 2016 - $738.2 million, in 2017 - $1.6 billion, in 2018 - $2.91 billion and in 2019 - $4.92 billion.
Official reserve assets of Uzbekistan amounted to $31.2 billion as of May 1, 2020.
According to the Central Bank of Uzbekistan, almost whole reserve of Uzbekistan is stored in the form of monetary gold ($18.2 billion) and foreign currency ($12.3 billion), and this problem is to be solved by purchasing U.S.Treasury bonds.
Current reserves are sufficient to finance almost 16 months of imports. This is well above than the three months recommended by international organizations for developing countries.
President of Uzbekistan, Shavkat Mirziyoyev instructed to ensure modernization of 385 units of geophysical, drilling, mining and laboratory equipment this year. A task has been set to explore 16 promising hydrocarbon sites by the end of 2020 and confirm the volume of reserves in 23 new deposits.
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