Materials with tag «gold»
New record: Uzbekistan’s gold and foreign currency reserves exceed $43 billion
Uzbekistan’s gold and foreign currency reserves rose by another $2 billion in October, reaching $43.1 billion, driven by rising gold prices. This marks the fourth consecutive month of record highs, as the Central Bank sold a small amount of precious metal and invested in securities.
Uzbekistan significantly reduces gold sales in April and May
Uzbekistan significantly reduced its gold exports in April and May, according to data from the World Gold Council. The country exported 23 tons of gold in February and March, but this figure plummeted to just 1 ton in the following months.
Uzbekistan remains world’s top gold seller in March
In March, Uzbekistan again became the world’s largest gold seller, trading 11 tons of the precious metal. In February, the country sold 12 tons of gold.
Uzbekistan exported gold worth $1.35 billion in March
Uzbekistan’s gold exports amounted to $1.35 billion in March, with a cumulative export value of $2.66 billion since the beginning of the year, accounting for 41.7% of the country’s total export revenue.
Gold price surge boosts Uzbekistan’s foreign exchange reserves, yet gold volume declines
In March, Uzbekistan’s foreign exchange reserves grew to $34.2 billion, amid record-breaking increases in gold prices. Meanwhile, the physical volume of precious metal in the reserves fell by 10.9 tons, marking its lowest level since May 2022.
Uzbekistan remains global leader in gold sales for second consecutive month, despite decrease in reserves
Uzbekistan leads global gold sales for the second consecutive month, having sold 11 tons in November 2023. Despite a rise in international reserves in December, the country’s “financial cushion” dropped by $1.2 billion in 2023 to $34.56 billion, marking the first decline since 2018.
Uzbekistan’s international reserves shrink second month in a row
Uzbekistan’s international reserves dropped by $837.9 million to $34.37 billion in May, as the value of its gold reserves fell by nearly $1 billion. The decline in gold did not lead to a corresponding rise in foreign exchange reserves.
Uzbekistan’s international reserves shrank by $230 million in April
Uzbekistan’s international reserves in April decreased by $230 million to a total of $35.2 billion. The decline was mainly due to a reduction in foreign currency reserves.
Uzbekistan targets 50% increase in gold production
Uzbekistan sets its sights on a nearly 50% increase in gold production, aiming for 150 tonnes in the coming years.
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