International reserves of Uzbekistan continued to grow in August, according to data from the Central Bank.
As of September 1, the country’s total international reserves stood at $72.13 billion, the highest level since February. The figure increased by $7.78 billion (+12.1%) over the month, with the main increase driven by higher gold prices and a rise in the physical volume of gold reserves.
The value of gold held in the Central Bank’s reserves reached $64.92 billion, up $8.8 billion (+15.69%). At the same time, the physical volume of gold increased to 14.11 million troy ounces (around 438.8 tonnes), compared with 13.85 million ounces a month earlier.
At the beginning of August, gold was trading at around $4,000 per troy ounce. During the first half of the month, however, prices began to rise rapidly. After August 5, the price of the precious metal reached peak levels, approaching $4,700 per ounce. By the end of the month, the market underwent a moderate correction, with the price settling at around $4,450 per ounce.
The foreign currency component of the reserves stood at $6.64 billion at the end of August, down $1.01 billion (-13.29%) from the previous month. Cash and deposits held with other banks fell by 17.3% to $4.87 billion. This included $1.09 billion (-10.56%) held with central banks of other countries and the International Monetary Fund (IMF), as well as $3.77 billion (-19.1%) held with foreign commercial banks.
Meanwhile, the volume of foreign securities on the Central Bank’s balance sheet remained virtually unchanged at $1.76 billion (+0.2%) at the end of August. However, their share of total reserves fell to 2.45%, compared with 2.74% a month earlier, amid growth in the overall volume of assets.
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