Uzbekistan's gold and foreign exchange reserves have grown to historic levels

One of the key indicators for the Uzbek economy, gold and foreign exchange reserves, set another record in April. According to the Central Bank, as of May 1, the reserves reached $49.25 billion, which is the highest figure ever recorded.

March record left behind

In April, the reserves increased by $1.4 billion, or 2.93 percent, compared to the previous month. It is worth noting that the previous record of $47.85 billion, recorded in March, was also the result of this year.

New record in gold value

According to the Central Bank's report, gold reserves increased by $772.64 million, reaching a total value of $37.65 billion. This is also a historical record in value.

However, there was a decrease in physical volume. Gold reserves:

March: 11.82 million troy ounces (367.09 tons)
April: 11.46 million troy ounces (355.83 tons)

Thus, although the physical quantity decreased, the total value increased due to the increase in the price of the precious metal on the international market.

Foreign exchange reserves almost unchanged

At the same time, there was no significant change in the volume of foreign exchange reserves. According to the results of April, they amounted to about $ 10.33 billion, an increase of only $ 116.08 million.

In terms of composition:

Accounts with the IMF and other central banks: $ 361.94 million;
Reserves in foreign banks: $9.96 billion.

Uzbekistan is the world leader in gold sales

According to the WGC (World Gold Council), Uzbekistan retained its first place in the world in gold exports in March 2024.

In this month alone, 11 tons of gold were sold. In addition, the volume of net gold sales for the first quarter of 2024 amounted to 15 tons.

The Zamin.uz editorial office assesses such record reserves as an important step towards Uzbekistan's financial stability, immunity to external influences and economic independence. The growth of gold and foreign exchange reserves is also a positive signal for the stability of the national currency, credit ratings and investment attractiveness.

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