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A top gold-buying central bank plans to acquire a lot more
By Nariman Gizitdinov and Maria Kolesnikova
Thursday, November 10, 2022
The world's second-biggest buyer of gold among central banks last quarter believes there's hardly such a thing as too much bullion.
Uzbekistan has brought the share of the precious metal in its $32 billion reserves to almost two-thirds, in a reversal of a plan to cut it below 50% by buying U.S. and Chinese sovereign debt.
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The proportion is now among the highest in developing economies tracked by the World Gold Council, even as total Uzbek reserves have grown by about a quarter since the central bank broached the idea of diversifying away from bullion more than three years ago.
"We thought about investing in Treasuries, but then the market itself didn't let us do it," the Uzbek central bank's deputy chairman, Behzod Hamraev, said in an interview. ...
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