Uzbekistan Central Bank Discusses Forex Reserve Investment with Wall Street Giants

The Central Bank of Uzbekistan plans to invite top international asset management firms from Wall Street to discuss investment strategies for the country's foreign exchange reserves. Central Bank Governor Jamil Ishmetov stated that a roundtable meeting will be held in mid-September, inviting representatives from Goldman Sachs, BlackRock, and JPMorgan Chase to discuss potential investment channels. Official data shows that Uzbekistan's central bank reserves have decreased from $66.3 billion at the beginning of the year to $64.3 billion in July, with gold accounting for 87% of the reserves. According to the World Gold Council, Uzbekistan net purchased 41 tons of gold in the first half of this year, making it the second-largest gold buyer in the world. Ishmetov pointed out that gold prices will not always rise, and the central bank's primary goal is not merely to profit from selling gold, but to sell gold at favorable price levels. The central bank has not yet decided to change its reserve structure, and the results of the meeting may not necessarily lead to changes.

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