BAKU, Azerbaijan, Mar. 31
By Klavdiya Romakayeva - Trend:
Some 687 tons of precious metal in total was exported by Uzbekistan for 10 years, Trend reports with reference to the report on Payment Balance, International Investment Position And External Debt of Uzbekistan published by the Central Bank of Uzbekistan (CBU).
It is noted that this is the first time that 10 years ton sales figures have been disclosed by the CBU. The State Statistics Committee of Uzbekistan regularly publishes statistics on gold, but they are in monetary terms, not quantitative ones.
According to the report, over ten years the largest volume of gold was sold in Uzbekistan in 2019, amounting to 110 tons, while the least volume of gold was exported in 2012 (only 10 tons).
It is reported that the average prices at that time also changed a lot, for example, in the same 2012 an ounce cost $1,668, in 2015 it fell to $1,159, and in 2020 it grew to $1,771.
Uzbekistan last exported gold in August 2020. The CBU sells gold based on the objectives of effective management of gold and foreign exchange assets, including the analysis of the international precious metals market and the forecast of gold prices.
The CBU actively sold gold when it was expensive (up to $2,000). In September, when exports stopped, the metal fell to $1,904. Now it has dropped to $1,724.
At the moment, the gold and foreign exchange reserves of Uzbekistan amount to $33 billion.
In February 2021, it was reported that the gold and foreign exchange reserves of Uzbekistan decreased by $1.5 billion amounting to $33.3 billion, while the net volume of gold in reserves increased by 200,000 troy ounces reaching 11.2 million.
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