Official reserve assets of Uzbekistan as of April 1, 2023, amounted to $35.44 billion, having increased by $1.47 billion (+4.3%) in March, according to the Central Bank.
Foreign currency reserves remained largely unchanged at $10.11 billion (+$42.8 million).
The growth in reserves was mainly due to an increase in the value of the gold reserves by $1.41 billion to $24.25 billion. Meanwhile, the physical volume of gold declined by 0.3 million troy ounces (9.3 tonnes) to 12.3 million troy ounces (around 382.5 tonnes).
In March, gold quotations surpassed $2,000 per troy ounce for the first time since April 18, 2022. The gold is rising in price amid a crisis in the U.S. and European banking sector and a collapse in shares of financial companies. As reported by Frank Media, citing data from MarketWatch, the absolute record for the price of gold was recorded on August 6, 2020, at 2069.4 dollars per ounce.
The available reserves exceed the country’s 2022 imports of $30.67 billion. According to international guidelines for developing countries, reserves should cover at least three months' worth of imports.