BAKU, Azerbaijan, Dec. 8
By Klavdiya Romakayeva - Trend:
The revenues of the mining enterprises of Uzbekistan have grown by 43 percent this year due to the rise in gold prices, Trend reports referring to the press service of the Central Bank of Uzbekistan (CBU).
The price of gold increased by 25 percent from $1,511 in early 2020 (per 1 troy ounce) to $1,883 on October 1 due to global economic instability and sharp fluctuations in financial markets.
The CBU noted that such an increase in gold prices is becoming a factor in maintaining budget revenues and the investment activity of producers.
In particular, the average cash receipts of mining enterprises from January through September 2020 (paid by the Central Bank for precious metals) increased by almost 50 percent compared to the corresponding period of 2019, while the number of payments to the budget increased by 53 percent, and the income remaining at its disposal - by 43 percent.
As the global coronavirus situation remains challenging, the gold price is projected to be around $1,900-2,000 per troy ounce by the end of this year.
Earlier it was reported that the gold and foreign exchange reserves of Uzbekistan decreased in October from $33.46 to $33.35 billion according to the data of the Central Bank of Uzbekistan as of November 1.
This decrease happened due to a reduction of foreign currency in reserves from $14.48 to $13.94 billion.
Gold reserves in troy ounces, on the contrary, increased from 9.9 to 10.2 million. In dollar terms, the reserves of the precious metal increased from $18.6 to $19.04 billion.
---
Follow the author on Twitter: @romakayeva