BAKU, Azerbaijan, Sept. 17
By Fakhri Vakilov – Trend:
Official reserve assets of Uzbekistan as of September 1 amounted to $35.4 billion, Trend reports citing the Central Bank.
Compared to August, they increased by $320 million.
The main reason for the growth is gold which has increased by $331 million. Gold in Uzbek reserves amounts to $21.9 billion which equals 12.1 million troy ounces (about 376 tons, which is 9 tons more than the previous month). In July, gold was worth about $1,740 an ounce, now it is below $1,762.
The volume of foreign exchange in reserves continues to decline. In August, it fell by $400 million to $13.5 billion. As of September 1, foreign exchange decreased to $12.4 billion.
Reserves, among other things, are considered a “safety cushion” for the country - they are needed as a buffer against adverse external shocks, and the adequacy of reserves directly depends on the nature of these shocks.
The current reserves will be enough to finance more than 20 months of imports. This is much more than the indicator recommended by international organizations for developing countries, which is three months.
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