Uzbekistan abandons plans to buy US securities

Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan abandoned plans to buy US securities. This was reported by Bloomberg with reference to the words of the Deputy Chairman of the Central Bank of Uzbekistan Bekzod Khamraev.

Bekzod Khamraev noted that when Uzbekistan thought about investing in US government bonds, the market did not allow it.

Uzbekistan planned to reduce the share of gold in its reserves to below 50% by buying US and Chinese sovereign debt.

The world’s second-biggest buyer of gold among central banks said last quarter that there can never be too much gold bullion. Uzbekistan bought precious metals and the share of gold amounted to two thirds in the country’s gold and foreign exchange reserves. The country’s reserves stands at over $32 billion.