Wednesday, February 6th 12:21 PM IST

Uzbekistan tightens Gold, forex reserves policy

# Uzbek gold  # Central Kyzylkum  # Metallurgical Combinant.  

The central Asian republic has made trading with foreign currency a criminal offence and put gold exports under strict conditions from February 1.

TASHKENT(BullionStreet): Continuing it's efforts to preserve valuable reserves,Uzbekistan tightened grips on forex and gold reserves.

The central Asian republic has made trading with foreign currency a criminal offence and put gold exports under strict conditions from February 1.

Uzbekistan's State Tax Committee warns entrepreneurs and individuals they will be held liable for making settlements in cash foreign currency in the sphere of retail trade and services, including criminal liability.

The country is suffering from a slump in world commodity prices after it'amajor exports of cotton and gas were hit by demand constraints.

World prices for cotton have fallen in recent years, while Russian energy giant Gazprom is buying less gas from Uzbekistan due to lower demand from European consumers.

Uzbekistan, with a population of around 28 million, ranks among the world's top 10 producers of gold and uranium.

Most of the gold reserves are located in Central Kyzylkum, which accounts for 3,200 tonnes of reserves.

The largest gold producer in Uzbekistan is the Kyzylkumredmetzoloto or Navoi Mining and Metallurgical Combinant. The mine produces around 70% of Uzbekistan's total gold output.

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