Uzbekistan's gold and foreign exchange reserves decreased by $307.3 million in May, reaching $70.58 billion as of June 1, according to data from the Central Bank.

In March, reserves fell significantly to $68.99 billion (-10.5%), but partially recovered in April mainly due to an increase in foreign currency assets, reaching $70.9 billion.

In May, foreign currency assets in international reserves decreased by $1.5 billion.

The value of gold in reserves fell from $61.59 billion to $61.44 billion (-$1.56 billion). The Central Bank explained that the decline was due to a drop in the gold price from $4,625.80 to $4,516.85 per ounce during the month. At the same time, the physical volume of gold in reserves increased to 13.6 million (+0.3 million) troy ounces.

According to international standards, the share of gold in Uzbekistan's international reserves remains very high. The Central Bank previously noted that the high share of gold reflects a conservative approach to asset management. However, the regulator has begun gradually diversifying the portfolio, taking into account risks associated with volatility in precious metal prices.

International reserves remain a key tool for macroeconomic stability. They help smooth fluctuations in the national currency exchange rate, service external obligations, finance imports during crises, and protect the economy from external shocks — from falling commodity prices to turbulence in financial markets.

Source: www.gazeta.uz