BAKU, Azerbaijan, Feb. 26
By Ilkin Seyfaddini – Trend:
The Central Bank of Uzbekistan announced the volume of its reserve assets, Trend reports with reference to the Central Bank.
As of February 1, 2020, the official reserves stood at $29.9 billion. Uzbekistan's reserves mostly shared between USD ($12.6 billion) and gold (worth $16.9 billion).
In fall of 2017, official reserves have surpassed $29 billion, which is mainly due to the rise in gold prices, while gold volume stood almost the same as in October 2019 - 10.8 million troy ounces (31,1034,768 grams). If converted to tons, it would be 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.
As reported earlier with reference to official statistics, the main position of Uzbek exports in 2019 were precious metals. Gold accounted for more than $4.9 billion - 27.5 percent of total national exports.
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.
It was also reported that by mid of 2020, Uzbekistan will install automatic machines for selling gold and silver bullions weighing one, three and five grams.
---
Follow author on Twitter: @seyfaddini