Uzbekistan’s Total Reserves Increase by $6.6 Billion in 2024 Despite Year-End Gold Decline
In the month of December, Uzbekistan experienced a decrease in its international reserves for the second consecutive month, as reported by the Central Bank. This decline in international assets amounted to nearly $300 million, primarily attributed to a reduction in gold reserves.
As of January 1, 2025, the total value of Uzbekistan’s reserves held by the regulator stood at $41.18 billion. This marked a decrease of $297.2 million, or 0.7%, compared to the previous month. Despite this decrease, the volume still remains at levels close to its maximum and has shown an increase of 19.1% or more than $6.6 billion over the past year.
The value of gold in the Central Bank’s holdings dropped by $704.4 million, bringing it to $32.03 billion. However, the quantity of gold reserves remains unchanged at 12.3 million troy ounces (382.57 tons).
In contrast, foreign currency reserves of Uzbekistan saw an increase of $414 million, reaching a total of $8.59 billion at the start of January. This includes $351 million in accounts with other central banks and the International Monetary Fund, along with $8.14 billion in foreign commercial banks.
Furthermore, the value of government securities purchased by the Central Bank slightly rose to $101.7 million. In October, the regulator had reported purchasing foreign bonds worth $65 million, a significant increase in volume.
It was also noted that in November, Uzbekistan emerged as the world’s second-largest buyer of gold. This data highlights the fluctuations and trends in Uzbekistan’s international reserves, indicating both challenges and opportunities in the country’s economic landscape.
