Uzbekistan Central Bank Adjusts Gold Bar Prices as Commemorative Coin Sales Cease
The Central Bank of Uzbekistan has recently reported a new milestone in the prices of gold bars, as prices have increased for the tenth consecutive working day. The latest update also indicates that commemorative gold and silver coins are currently not available for purchase.
In a recent announcement, the Central Bank revealed the updated prices for gold bars, reflecting the continuous surge in gold values. Prices for commemorative coins have been removed from the bank’s announcements, and these coins are no longer available for purchase on the regulator’s website as they have all been sold out.
The price of gold has seen a slight increase of 0.001%, now at 1,161,600 Uzbekistani som per gram. Gold prices have increased by approximately 39% since the start of the year, indicating a consistent upward trend in the market. The price adjustments have also affected gold bars of various weights, with 5 grams priced at 5,808,000 UZS, 10 grams at 11,615,000 UZS, 20 grams at 22,231,000 UZS, and 50 grams at 58,077,000 UZS.
The Central Bank initiated the sale of gold coins to the public in 2018, followed by the introduction of gold bars in 2020. These purchases are subject to specific conditions, allowing individuals to export them from Uzbekistan. The aim of these measures is to reduce the country’s reliance on foreign currency, while providing citizens with investment opportunities and a way to secure their savings.
Gold coins and bars can be bought and sold through commercial banks, with daily price updates available on the Central Bank’s website and Telegram bot.
Recent data from the Central Bank shows that as of September 2023, citizens of Uzbekistan held 255 kilograms of gold bars, with 10-gram bars being the most popular choice. Between 2021 and 2023, the Central Bank minted 3,550 commemorative gold coins across five series, totaling 72 kilograms, with 83% of these coins sold by mid-September last year.
