AKIPRESS.COM - Uzbekistan’s international reserves reached a record $61.23 billion as of 1 December, marking the highest level since the Central Bank began publishing the data in 2013. The growth was driven primarily by rising global gold prices, an increase in the country’s physical gold holdings, Kun.uz reported.

According to Central Bank data, the reserves increased by $1.9 billion in November alone, up 3.2 percent from the previous month. Since the beginning of the year, Uzbekistan has added nearly $20 billion to its reserves – a 48.7 percent surge.

Gold continues to be the dominant factor behind the growth. In November, global gold prices rose from $4,013.2 to $4,159.4 per ounce, an increase of 3.6 percent, which added approximately $1.8 billion to Uzbekistan’s reserves. Price gains had already contributed an additional $4.6 billion in September and $2.5 billion in October.

The physical volume of gold rose for the second consecutive month. Uzbekistan added 310,000 troy ounces (9.64 tonnes) in November, bringing total gold holdings to 12.23 million ounces (380.4 tonnes). Despite this recent increase, the country’s gold stock has decreased by roughly 2.1 tonnes since the start of the year.

As a result of price appreciation, the value of Uzbekistan’s gold portfolio climbed by $3 billion, reaching a historic peak of $50.86 billion. Gold now accounts for around 83 percent of total reserves.