Uzbekistan’s international reserves continued to decline in October, according to data from the Central Bank.
As of November 1, total reserve assets stood at $63.62 billion, down $2.96 billion, or 4.5%, from the beginning of October. Most of the decline was due to the gold reserves, whose value fell to its lowest level since January.
The value of gold held in the Central Bank’s reserves amounted to $58.04 billion, decreasing by $2.04 billion, or 3.4%, over the month. However, the volume of gold continued to increase, reaching 14.6 million troy ounces (454.1 tonnes).
The global price of gold fell by more than $200 per troy ounce during October. After partially recovering from September’s decline, prices stood at $4,188 at the beginning of the month, but fell to $3,981 by the end of October — their lowest level in a year.
The foreign currency component of Uzbekistan’s reserves stood at $5.01 billion at the beginning of November, its lowest level since the data series began. It decreased by $921 million, or 15.5%, over the month.
Cash foreign currency and deposits held with other banks fell by 8.9% to $3.86 billion. Of this amount, $1.07 billion was held with the International Monetary Fund and central banks of other countries, while $2.78 billion was deposited with foreign commercial banks.
The value of foreign securities held by the Central Bank fell by 32% to $1.148 billion. Their share of total reserves also declined to 1.8%, compared with 2.54% a month earlier.
Uzbekistan’s special drawing rights (SDRs) with the IMF also decreased slightly. At the beginning of November, they amounted to $569.2 million, down $1.6 million from a month earlier.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
