As of August 1st, Uzbekistan's official foreign exchange reserves amounted to $33.72 billion, slightly decreasing by $71.8 million in July, according to data from the Central Bank. Reserves have been decreasing for the fourth consecutive month, with a total reduction of $2.12 billion since the beginning of the year, as reported by Gazeta.uz.
The value of the gold reserves decreased by $67.1 million, reaching $23.02 billion. The physical volume of precious metal increased by 0.3 million troy ounces (9.3 tons) to 11.8 million troy ounces (approximately 367 tons). This might indicate that Uzbekistan exported gold in July. The total gold reserves have decreased by almost 28 tons over seven months.
However, the possible sale of gold did not lead to a proportional increase in foreign exchange reserves. Foreign exchange reserves decreased by $14.9 million, reaching $9.56 billion.
This statistic reached an all-time low since 2013, which was recorded in July. Since the beginning of the year, currency reserves have decreased by $2.08 billion.
In July, the price of this precious metal increased from $1931.9 to $1971.9 per troy ounce.
The amount of cash currency and deposits in other national central banks, the Bank for International Settlements, and the International Monetary Fund almost tripled, increasing from $565.5 million to $1.64 billion. In contrast, there was a decrease in this indicator in June 2023.
CentralasianLIGHT.org
August 8, 2023