"Gold Won't Keep Rising Forever": Uzbekistan's Central Bank and Wall Street Giants Discuss Investment Strategies

Odaily News – The Central Bank of Uzbekistan plans to invite some of Wall Street's top international asset management institutions to discuss potential investment options for the country's foreign exchange reserves.

In an interview in Tashkent, Central Bank Governor Timur Ishmetov stated that the bank is preparing to hold a roundtable meeting in mid-September, inviting representatives from institutions including Goldman Sachs, BlackRock, and JPMorgan to discuss potential investment channels. According to official data, Uzbekistan's central bank reserves fell from $66.3 billion at the start of the year to $64.3 billion in July, with gold accounting for 87% of the total.

World Gold Council data shows that in the first half of this year, Uzbekistan made net gold purchases of 41 tons, making it the world's second-largest gold buyer during the period. "So far, gold has proven to be the best investment," Ishmetov said. "In principle, we are satisfied with the current situation, but things won't stay like this forever—gold prices won't keep rising without ever falling." "Our primary goal is not to sell gold merely for profit," Ishmetov stated. However, he also noted that the central bank hopes to sell gold at favorable price levels. He added that the bank has not yet decided to change its reserve structure, and the meeting with international asset management institutions will not necessarily lead to such a change. (Jin Shi)