BAKU, Azerbaijan, Feb. 14
By Ilkin Seyfaddini – Trend:
Uzbekistan's gold and foreign-exchange reserve has increased by $2.8 billion (from $27.1 billion to $29.9 billion), thus increasing by 10 percent compared to January of 2019, Trend reports via Central Bank of Uzbekistan.
International reserves made up $28.6 billion. Reserves of Uzbekistan are mainly distributed between the US dollar ($12.4 billion) and gold ($16.3 billion).
Most of the reserves are kept in the form of monetary gold (almost $17 billion). The volume of precious metal itself declined by 0.7 million troy ounces during the reporting period to 10.7 million troy ounces or 332 tons.
However, as the price of gold on the world markets rose over the year, it allowed Uzbekistan to increase its gold stock in monetary terms. The volume of foreign currency increased by $600 million and made up $12.6 billion. The volume of special drawing has almost not changed over the year and makes up $366.5 million.
Official gold and foreign exchange reserves at the beginning of 2020 amounted to $29.1 billion. In fall of 2017, official reserves surpassed $29 billion, which was mainly due to the rise in gold prices, while gold volume was almost the same as in October 2019 - 10.8 million troy ounces (31,1034,768 grams). If converted to a ton, it would make up 336 tons.
According to the Central Bank, the methodology for calculating foreign exchange reserves is carried out in accordance with the standards of the International Monetary Fund. Gold and foreign exchange reserves consist of foreign currency assets and monetary gold bullion.
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