Uzbekistan’s foreign exchange reserves as of February 1 amounted to $34.3 billion, according to the updated data of the central bank. That is $500,000 more than at the beginning of the year.
The decline has happened following a $700-million reduction in foreign currency.
Meanwhile, Uzbekistan has managed to increase its gold reserves by 0.3 million troy ounces, or by about 9 tons.
The country’s reserves are still very poorly diversified, almost everything is stored in only two assets: gold ($20.2 billion) and foreign currency ($13.7 billion). The state plans to solve this problem by purchasing US treasury bonds.
The current reserves, according to the regulator, would be enough to finance more than 20 months of imports. This is much more than the three-month target recommended by international organizations for developing countries. (Uzreport/Business World Magazine)
