According to the Central Bank data, Uzbekistan's official reserve assets as of April 1, 2024, amounted to $34.19 billion, showing a 6.2% increase. In March alone, the reserves increased by $1.99 billion.
The regulator reported that foreign currency reserves grew by $710.7 million in the past month, reaching $8.26 billion. However, since the beginning of the year, the country's foreign exchange reserves have decreased by $1.1 billion due to the repayment of sovereign Eurobonds worth $500 million issued in 2019.
With the sharp rise in gold prices, the value of the gold reserve at the Central Bank increased by $1.28 billion, totaling $25.37 billion. Despite a decrease in physical volume by 0.35 million troy ounces (10.9 tons) to 11.5 million troy ounces (357.7 tons), this remains the lowest level since May 2022 (11.42 million).
In March, gold prices surged from $2055 to $2246 per ounce, a 9.3% increase, continuing to hit historical highs. For instance, by April 8, prices exceeded $2335.
It is worth noting that by the end of 2023, the country's "financial cushion" decreased by $1.2 billion to $34.56 billion, marking the first annual decline in reserves since 2018. The physical volume of gold decreased by nearly 25 tons over the year.
