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The American-Uzbekistan Chamber of Commerce (AUCC) seeks to promote trade and investment ties, cultural exchanges and bonds of friendship between the United States of America and the Republic of Uzbekistan. In performing these functions, the AUCC places primary emphasis on serving the needs and interests of its members.

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Uzbekistan Central Bank Looks to Increase Gold Reserves to 430 Tonnes in Five Years

www.kitco.com/
4 March 2019

After last year's unprecedented central-bank demand for gold, another nation is jumping into the marketplace to build its gold reserves over the next five years.

According to international media reports, Uzbekistan expects to increase its gold reserves to 430 tonnes between 2020 and 2024 as the country looks to develop its domestic gold deposits. The reports said that purchase could start this year as the central bank plans to buy 81.37 tonnes of gold.

The increase in gold reserves is part of the plan announced by the State Committee on Geology and Mineral Resources in its draft concept of the development of the geological industry of Uzbekistan for 2020-2024.

According to the development plan, the country will spend 0 million in exploration and development of new gold deposits. According to production numbers from 2017, Uzbekistan is the world's ninth-largest gold producer and has the eighth-largest gold reserves.