Uzbekistan’s foreign exchange reserves increased by 2 billion dollars in October, reaching a record high of 43.14 billion dollars. According to the Central Bank, this increase marks the fourth consecutive month of growth. In July, reserves rose by 1.06 billion dollars, in August by 1.75 billion dollars, in September by 1.98 billion dollars, and in October by 2 billion dollars. Since the beginning of the year, reserves have increased by 8.58 billion dollars (+24.8%).

The regulator also reported a 510.8 million dollar increase in foreign currency reserves, bringing the total to 9.22 billion dollars. However, a decrease of 149.1 million dollars was noted in the January-October period, largely due to the repayment of sovereign Eurobonds worth 500 million dollars issued in 2019.

The physical volume of gold reserves slightly decreased by 20,000 troy ounces (622 kg), totaling 12 million troy ounces (373.2 tons). However, the value of gold reserves increased by 1.5 billion dollars, rising from 31.86 billion dollars to a record 33.36 billion dollars. This was due to a 2.3% increase in gold prices in October, from 2660.5 to 2721.5 dollars per ounce. On October 30, gold prices surpassed 2800 dollars per ounce for the first time in history.

The volume of freely convertible currency assets in reserves grew to 9.22 billion dollars, and the amount of cash currency on foreign accounts of the Central Bank increased by 445.5 million dollars, reaching 9.11 billion dollars. Of this, 414.4 million dollars are held in other central banks and the IMF, while the remaining 8.67 billion dollars are in other foreign financial institutions.