Why is this important
The Central Bank’s position influences confidence in currency policy, especially against the backdrop of increasing gold exports – it is crucial to understand that the exchange rate is not formed directly from this key export flow.
What happened
- Sanjar Valiyev, Head of the Department for the Management of International Reserves, stated that gold and foreign exchange reserves are reflected in US dollars and do not include the sum, therefore, the increase in gold prices does not affect the dollar’s exchange rate against the sum.
- In January-August 2025, gold exports amounted to $8.42 billion, and in August — $836 million.
- Abdulla Abdukadirov of the Strategic Reforms Agency noted that 38% of exports come from gold, and the gold sales disposition indirectly participates in maintaining the exchange rate.
- Yuliy Yusupov speaks about the global weakness of the dollar as a factor, Mirkomil Kholboyev — that internal factors are also important.
Context
Gold exports have reached a historic high, surpassing last year’s record. The exchange rate is influenced by: exports, cross-border transfers, the global value of the dollar and gold, and the Central Bank’s policy.
