Gold and foreign exchange reserves of Uzbekistan amounted to $34.4 billion as of June 1

As of June 1, Uzbekistan’s gold and foreign exchange reserves amounted to $34.4 billion, which is $838 million less than at the beginning of May 2023, Revenue.uz reports.

The sale of a certain volume of gold contributed to the reduction in the volume of reserves. The size of gold reserves decreased from 12.2 million to 11.9 million troy ounces, and the value of the gold reserve decreased by $1 billion, to $23.2 billion.

Foreign currency reserves increased by $158 million over the month, to $10.1 billion. In the same period last year, the figure was $13.1 billion.

On an annualized basis, gold and foreign exchange reserves decreased by $1 billion, while the value of gold reserves increased by 9.1% (the size increased from 11.4 million to 11.9 million troy ounces).

According to a recent World Gold Council (WGC) survey, up to 24% of the central bank plans to increase its gold holdings in 2023. The study also showed that 68% of emerging market central banks expect gold reserves to grow over the next five years.