TASHKENT, Uzbekistan, October 14. Uzbekistan’s gold, foreign currency reserve assets decreased by $1.65 billion and amounted to $31.04 billion as of October 1, Trend reports.
As per Uzbekistan’s Central Bank, the country's financial safety cushion has decreased by $4.7 billion since the beginning of 2023.
The bank’s data shows that foreign currency reserves decreased by $1.3 billion (-15 percent) to $7.39 billion in September 2023. The indicator continues to update the record for the entire time of statistics since 2013. Since the beginning of the year, foreign exchange reserves have decreased by $4.25 billion.
As per data by Uzbekistan’s Central Bank, this number is the minimum since April 1 of 2020, when reserves amounted to $31.27 billion.
Central Bank explains that the decrease in reserves occurs against the background of a trade deficit from January through August, where imports amounted to $23.61 billion and exports fixed at $16.43 billion, signifying a negative trade balance of $7.17 billion. The decline can also be accounted for by the devaluation of the national currency, as the Uzbek sum has depreciated by 8.73 percent since the beginning of the year.
Earlier this month, The Central Bank of Uzbekistan and Check Point Software Technologies Ltd., specializing in providing software and combined hardware for IT security, signed a Memorandum of Cooperation
The signed document is aimed at deepening relations between the parties in the field of information and communication technologies. Both entities strive to enhance their capabilities and contribute to bolstering the cybersecurity landscape.