As of October 1, Uzbekistan’s gold and foreign exchange reserves stood at $66.58bn, falling by $5.54bn over the month due to lower global gold prices and a decline in foreign currency assets.
The value of gold in the Central Bank’s reserves dropped by $4.83bn to $60.08bn, even though the physical volume of gold rose to 14.34m troy ounces (446.2 tonnes). The decline came against the backdrop of a global price correction: while gold traded near $4,660 per ounce in late August, it fell below $4,200 in September.
The foreign currency component of the reserves shrank by $702.8m to $5.92bn. Cash currency and deposits in other banks dropped by 12.92% to $4.24bn, with funds held in foreign commercial banks down 16.78% to $3.13bn. Foreign securities on the Central Bank’s balance sheet decreased by $73.7m to $1.69bn.
