BAKU, Azerbaijan, May 8
By Klavdiya Romakayeva - Trend:
International reserves of Uzbekistan as of May 1 amounted to $34.1 billion, Trend reports with reference to follows from the data of the Central Bank of Uzbekistan.
According to the Central Bank, the international reserves of Uzbekistan as of May 1 increased by $1.5 billion compared to last month ($32.6 billion).
In addition, an increase in reserves is noted since January 2021 due to the fact that gold has ceased to fall in price.
It is reported that at the time of this publication, gold is already worth $1,839 per ounce. For comparison, the price of gold in Uzbekistan in April amounted to $1,744.
At the same time, the metal itself in reserves increased by 9.5 tons - from 11.2 million troy ounces to 11.7 million.
It was planned to diversify the composition of reserves by purchasing US Treasury bonds, but for several years nothing has been heard about this.
It should be noted that reserves are considered the country’s “safety cushion” and are needed in case of 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 considerably more than the indicator recommended by international organizations for developing countries, which is three months.
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