Uzbekistan’s international reserve assets declined in September, according to data from the Central Bank.
As of October 1, the country’s total international reserves stood at $66.58 billion, down $5.54 billion, or 7.69%, over the month. The decline was mainly driven by a negative revaluation of gold holdings amid changes in global prices, as well as a decrease in foreign currency assets.
The value of gold held by the Central Bank fell by $4.83 billion, or 7.46%, to $60.08 billion. However, the physical volume of gold increased to 14.34 million troy ounces (around 446.2 tonnes), from 14.11 million ounces a month earlier.
Gold prices were near a local high of around $4,660 per troy ounce at the end of August. In September, prices underwent a moderate correction, trading between $4,300 and $4,450 in the first half of the month before falling below $4,200 in mid-to-late September. By the end of the month, prices had settled slightly above that level.
Foreign currency reserves fell by $702.8 million, or 10.59%, to $5.92 billion. Cash and deposits held with other banks declined by 12.92% to $4.24 billion. This included $1.1 billion held with foreign central banks and the International Monetary Fund (IMF), up 0.34%, and $3.13 billion held with foreign commercial banks, down 16.78%.
The Central Bank’s holdings of foreign securities also decreased, falling by $73.7 million, or 4.18%, to $1.69 billion. However, their share of total reserves edged up to 2.54%, from 2.45% a month earlier, as overall reserve assets declined more sharply.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
