By Dr. Chandan Kumar New Delhi [India], August 16 (ANI): Last year, Uzbekistan produced 110.8 tonnes of gold, ranking it tenth globally.
The country's central bank was the second-largest net seller of gold worldwide, selling around 25 tonnes, just behind Kazakhstan, according to the World Gold Council. However, Uzbek President Shavkat Mirziyoyev, who aims to reform and liberalise the country's economy after years of isolation and centralisation, finds this insufficient. He has mandated a 50 per cent increase in gold production by 2030.
There is significant potential for growth, as only 20 per cent of Uzbekistan's subsoil has been explored to date. In June 2024, global central banks increased their publicly reported gold reserves by 12 tonnes. The total volume of gold purchases reached 31 tonnes, while 18 tonnes were sold.
Since the start of the year, Uzbekistan's net gold sales totalled 7 tonnes, ranking it third in gold sales volume after Thailand (10 tonnes) and the Philippines (25 tonnes). The Central Bank of Uzbekistan and the Reserve Bank of India jointly led in gold reserve growth, each acquiring 9 tons. In office since 2016, President Mirziyoyev has also promoted the sale of gold bars weighing up to one kilogram, hoping to attract more tourists to the landlocked Central Asian nation.
Uzbekistan's economy, which is expanding, relies on foreign currency inflows to support its national currency. The Uzbek som has one of the lowest face values globally, with US$1 equivalen.