Tashkent, Uzbekistan (UzDaily.com) — As of 1 August, Uzbekistan’s foreign exchange reserves totaled US$48.74 billion, an increase of US$193.7 million, or 0.4%, compared to July, according to data from the Central Bank.

The main driver of this growth was the increased valuation of the gold held in the country’s reserves. The value of gold rose by US$265 million, reaching a new all-time high of US$38.68 billion.

At the same time, the physical volume of gold remained unchanged at 11.7 million troy ounces. The increase in value is attributed solely to the rising market price of the precious metal.

Meanwhile, the country’s foreign currency reserves declined by US$366.3 million, dropping to US$8.48 billion. Of this amount, US$1.05 billion is held in accounts at foreign central banks and the International Monetary Fund, while US$7.42 billion is placed in foreign commercial banks.

The Central Bank also expanded its investments in securities, which rose by over US$300 million, or 42.7%, reaching US$1.01 billion. As a result, the share of stocks and bonds in Uzbekistan’s foreign exchange reserves exceeded 2% for the first time.