Uzbekistan’s international reserves hit $72 billion

The increase was largely driven by a sharp rise in global gold prices. The price of a troy ounce of gold climbed from 4,052.2 US dollars to 4,602 US dollars, an increase of nearly 13.6 percent. The rally was supported by a weaker US dollar, lower yields on US government bonds, geopolitical tensions in the Middle East and increased purchases by exchange-traded funds.

Uzbekistan’s Central Bank also increased its physical gold holdings by 258,900 troy ounces, or around 8.05 tons, bringing total holdings to a record 438.9 tons since statistics began in 2013.

As a result, the value of the country’s gold reserves increased from 56.12 billion US dollars to 64.93 billion US dollars during August. Gold now accounts for nearly 90 percent of Uzbekistan’s international assets.

At the same time, the country’s foreign currency assets declined by 1.02 billion US dollars to 6.64 billion US dollars. The securities portfolio edged up by 3.4 million US dollars to 1.766 billion US dollars.

The high proportion of gold in Uzbekistan’s reserve structure reflects the Central Bank’s conservative approach to asset management. The regulator continues to gradually diversify its reserves to reduce risks associated with fluctuations in precious metal prices.

The country’s international reserves play a key role in maintaining financial stability, mitigating exchange-rate fluctuations and ensuring the timely fulfillment of Uzbekistan’s external obligations.

Earlier, Qazinform reported Uzbekistan’s foreign trade reached 49.5 billion US dollars in the first seven months.