Tashkent, Uzbekistan (UzDaily.com) — In the third quarter of 2024, the Central Bank acquired gold from local producers for a total of 29.5 trillion soums, which is 11.7% higher than the figures from the previous quarter. This data was presented in the regulator's financial stability review.

The demand for the precious metal continues to grow amid a challenging external economic environment and geopolitical conflicts, as well as in response to decisions by major central banks to lower interest rates. Gold prices fluctuated between US$2,450 and US$2,650 per troy ounce.

Additionally, the net volume of interventions in the foreign exchange market, conducted in accordance with the principle of neutrality of gold and foreign exchange reserves, amounted to 6.9 trillion soums, which is nearly three times lower than the period from April to June.

The Central Bank also noted that the volume of interventions is influenced by seasonal factors. An increase in the inflow of foreign currency from abroad contributed to ensuring sufficient supply in the foreign exchange market.

The remaining portion of the additional liquidity generated from the purchase of the precious metal was compensated for by "other factors," including monetary operations and the issuance of Central Bank bonds.