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Uzbekistan's gold and foreign exchange reserves keep declining

Finance Materials 23 April 2021 13:49 (UTC +04:00)
Uzbekistan's gold and foreign exchange reserves keep declining

BAKU, Azerbaijan, Apr. 23

By Klavdiya Romakayeva - Trend:

The volume of gross gold and foreign exchange reserves of Uzbekistan as of April 1 amounted to $32.6 billion, having decreased by $589.1 million over the month, Trend reports with reference to the Central Bank of Uzbekistan (CBU).

According to the CBU, the volume of gross gold and foreign exchange reserves of Uzbekistan has decreased by $2.2 billion since the beginning of the year.

It is reported that net gold and foreign exchange reserves (the difference between gross reserves and liabilities in hard currency) decreased by $771.8 million and reached $31.6 billion.

It was noted that the country's gold and foreign exchange reserves have been declining for the third month in a row. In March, gold in reserves increased by 0.2 million troy ounces (about 6.2 tons), while their total number reached 11.4 million ounces (about 323 tons).

However, the value of these reserves fell by $450.9 million, as this precious metal fell in price in March.

In particular, if on March 1 the price of gold was $1,738.8 per ounce, then on March 30 it dropped to 1,687.8, and then by April 1 won back the decline - $1,729.3. The price of the metal is also negatively affected by the growth in the yield on ten-year US Treasuries.

In addition, Uzbekistan's foreign currency reserves decreased by $132.4 million.

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Follow the author on Twitter: @romakayeva

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