"Gold Won't Always Only Rise Without Falling": Uzbekistan Central Bank Discusses Investment Strategies with Wall Street Giants

Odaily Planet Daily News – The Uzbekistan Central Bank plans to invite some of Wall Street's top international asset management institutions to jointly explore potential strategies for investing the country's foreign exchange reserves. Uzbekistan Central Bank Governor Timur Ishmetov stated in an interview in Tashkent that the central bank is preparing to hold a roundtable meeting in mid-September, inviting representatives from institutions including Goldman Sachs, BlackRock, and JPMorgan Chase to discuss potential investment channels. According to official data, 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. Data from the World Gold Council shows that Uzbekistan made net purchases of 41 tons of gold in the first half of this year, making it the world's second-largest gold buyer during the same period. "So far, gold has proven to be the best investment," Ishmetov stated. "In principle, we are satisfied with the current situation, but it won't always remain this way—gold prices won't always only rise without falling." "Our primary goal is not simply to sell gold for profit," Ishmetov emphasized. However, he also noted that the central bank aims to sell gold at favorable price levels. He added that the central bank has not yet decided to change the structure of its reserves, and the meeting with international asset management institutions may not necessarily lead to such changes. (Jin10)