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Uzbekistan discloses 10-year dynamics of gold exports

01 April 2021


Uzbekistan exported 687 tons of gold for the past ten years, Uzbek central bank has said in a recent report, for the first time disclosing 10-year dynamics of its main export commodity.The report was released earlier this week as the ex-soviet republic opens up its macroeconomic data to bring it in line with international standards.


Uzbekistan's gold export hit the highest point of 110 tons in 2019, compared with the lowest of only 10 tons in 2012, according to the report on the country's investment position and balance of payment.


Uzbek central bank said earlier this year the country will continue to sell gold mostly depending on world prices. Gold constituted almost 40 percent of Uzbekistan's total export volume in July-August last year, but since the beginning of 2021 the central bank did not sell any gold reserves from foreign assets.


The resource-rich Central Asian nation produces around 100 tons of gold annually. The Muruntau gold mine in Navoi region was rated as the world's leading gold mining deposits in 2020, according to a review by Kitco, a Canadian company that buys and sells precious metals.


Uzbek President Shavkat Mirziyoyev has been opening up the country's economy for foreign investors since he took office in 2016. He ordered more transparent policies for the country's gold reserves and production.