Why is this important
Record reserves strengthen the country’s financial stability, create a safety cushion against external shocks, and strengthen the confidence of investors and international partners.
What happened
- Gold reserves increased by $4.17 billion, exceeding $44.22 billion for the first time, despite a decrease in tonnage (11.8 to 11.6 million troy ounces).
- Foreign currency reserves increased by $735.7 million to $10.18 billion.
- Currency reserves: $873.7 million — accounts in the Central Bank of a number of countries and the IMF, $8.28 billion — foreign commercial banks.
- Securities purchased by the Central Bank increased by $3.5 million, reaching nearly $1.02 billion. The share of shares and bonds in the reserve is 1.85%.
Context
In August, reserves exceeded $50 billion for the first time, and September was the second consecutive month of growth. The predominance of gold’s share indicates a shift towards reliable assets. High reserves provide Uzbekistan with more leverage to protect against currency and external risks, and also allow for maintaining exchange rate stability and fulfilling external obligations.
