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Uzbekistan continues to increase its gold reserves

Finance Materials 16 April 2020 13:15 (UTC +04:00)
Uzbekistan continues to increase its gold reserves

By Ilkin Seyfaddini – Trend:

BAKU, Azerbaijan, Apr. 16

Uzbekistan's international reserves increased by $1.08 billion (3.73 percent) in in the period from January through March 2020, including a decline by $267.7 million (0.88 percent) in March and totaled $30.2 billion as of 1 April, Trend reports citing data from the International Reserves Management Department of the country's Central Bank.

In particular, Uzbekistan's foreign currency reserves decreased by $27.4 million (0.22 percent) over the past three months of 2020, including $423.9 million (3.29 percent) in the first month of spring to $12.4 billion.

Coin gold reserves grew by $1.1 billion (6.86 percent) in value in the period from January through March, including $158.4 million (0.92 percent) to $17.4 billion in March and by 0.1 million troy ounces (0.92 percent) and 0.3 million troy ounces (2.83 percent) to 10.9 million troy ounces (0.9 percent) in physical volume, respectively.

At an online briefing on April 15, 2020, during which special attention was paid to the devaluation of the national currency, Chairman of the Central Bank of Uzbekistan said that, neither the Central Bank of Uzbekistan nor the government of the country intends to interfere in the exchange rate in the market.

Earlier, the US dollar and euro rates skyrocketed in Uzbekistan: the dollar rose by 427 soum and now costs 10,121 soum, while the euro rose by 512 soum and costs 11,111 soum.

According to updated forecasts of the Central Bank of Uzbekistan, by the end of 2020 the inflation rate in the country will decrease by one percent against the initial estimates (12-13.5 percent) and will amount to 11-12.5 percent.

The International Monetary Fund (IMF) forecasts a slowdown in Uzbekistan's economic growth to 1.8 percent in 2020. Next year's GDP growth in Uzbekistan is expected at seven percent.

The World Bank predicts that the country's economic growth will slow down to 1.6 percent in 2020. The Asian Development Bank is more optimistic and believes the economy will grow to 4.7 percent. Fitch forecasts economic growth to be two percent.

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