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Uzbekistan’s foreign exchange reserves decrease

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The volume of gold in Uzbekistan’s reserves as of Aug.1 of this year made 10.5 million net troy ounces, and as of July 1 it was 11.3 million. If translated into tons, then in August it was 326 tons of gold, and in July 351 tons, the website of Uzbekistan’s Central Bank reported.

Previously, it was reported that Uzbekistan will replace part of the gold with foreign bonds. In particular, the Central Bank is diversifying its reserves, reducing the share of gold through foreign bonds.

The share of gold will be less. Firstly, because the reserves themselves will grow, and secondly, we sell more gold, said Central Bank head Mamarizo Nurmuratov in early July.

He said Uzbekistan’s producers will be able to sell gold directly on the world market in four to five years. Now the Central Bank is the buyer, which buys gold for so?m inside the country and sells it for dollars on the foreign market.

We don’t maintain the exchange rate of so?m, we don’t try to smooth fluctuations. Our participation in the market is not interference in maintaining of the currency, but compensation for gold purchases, explained then the Central Bank head.

Source: Kyrgyz National News Agency

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