Uzbekistan's international reserves hit $41 billion

Uzbekistan's official reserve assets increased by $1.98 billion in September, reaching a record high of $41.139 billion, according to data published by the Central Bank of Uzbekistan (CBU). This marks the third consecutive month of reserve growth.

Photo: Getty Images/Bloomberg

In July, reserves grew by $1.06 billion, followed by a $1.75 billion increase in August, and another rise of $1.98 billion in September. These are the highest figures recorded since 2013, when the statistical tracking of reserves began.

Foreign currency reserves also grew by $518.3 million over the past month, from $8.19 billion to $8.709 billion. The physical volume of gold in the reserves remains steady at 12 million troy ounces (367 tons). However, the value of gold reserves rose by $1.46 billion, from $30.4 billion to a record $31.86 billion.

It is worth noting that gold prices reached an all-time high on the New York Comex exchange on September 12, surpassing $2,580 per troy ounce. As of September 1, Uzbekistan's foreign exchange reserves had increased by $1.75 billion, reaching $39.15 billion, primarily due to the rise in gold prices.

This continuous growth in reserves strengthens Uzbekistan’s financial position, providing greater stability and liquidity for the country in the face of global economic challenges.

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