18 March 2022

Uzbekistan’s gold and foreign exchange reserves increased

The Central Bank has published data on international reserves of Uzbekistan.

As of March 1, 2022, Uzbekistan’s gold and foreign exchange reserves amounted to $35.36 billion. For comparison, as of February 1, 2022, this figure was $34.42 billion. Figures show that Uzbekistan’s official reserves have increased by $935 million over the past month.
During February, the physical volume of gold decreased significantly: from 11.6 million troy ounces* to 10.9 million troy ounces (about 21.77 tons), and its value decreased from $20.77 billion to $20.72 billion. This can be explained by a significant increase in gold prices in the world market.
Foreign exchange reserves in reserve assets also rose from $12.54 billion to $13.52 billion or $983.2 million.
The recommendations of international organizations suggest that reserves for developing countries should cover at least three months of imports.
Gross international reserves of Uzbekistan since the beginning of 2022 increased by $221.4 million or 0.6%. Raising the price of gold from $1799.25 at the beginning of the year to $1903.3 will affect $1.1 billion.

*1 ounce = 31.1 grams