Uzbekistan’s gold and currency reserves down by $230 million

According to the data of the Central Bank, as of May 1, 2023, the official reserve assets of Uzbekistan amounted to $35.2 billion, having decreased by $230 million in April.

Foreign currency reserves continue to drop - $9.93 billion (-$181.4 million). Since the beginning of the year, foreign exchange reserves have declined by $1.71 billion.

The value of gold reserves decreased by $50 million and amounted to $24.2 billion. The physical volume of the precious metal dropped by 0.1 million troy ounces (3.1 tons) and amounted to 12.1 million troy ounces (about 379.4 tons). This may mean that Uzbekistan exported gold in April.

The decrease in gold reserves took place against the background of rising gold prices - in April, its quotations rose from $1,999 to $2,034 per ounce.

The precious metal is gaining in value amid the crisis in the banking sector in the US and Europe and the collapse of shares of financial companies. Vladimir Chernov, an analyst of Freedom Finance Global, said that the growth dynamics of precious metal quotations are related to the expected completion of the US Federal Reserve's policy of tightening the monetary policy, which was stated by the chairman of the regulator, Jerome Powell, at the end of May.