Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan has significantly reduced its gold export volumes abroad in recent months, according to data from the World Gold Council.

According to the council, Uzbekistan sold only 1 ton of precious metal in April, compared to 23 tons in both February and March.

Data for May sales volumes have not been disclosed by the World Gold Council.

Since the beginning of 2024, Uzbekistan has ranked second in the world in terms of net gold sales, trailing only the Philippines, with a total volume of approximately 15 tons.

According to the Statistics Agency, the total export of gold reached US$1.53 billion in April and May.

The physical gold reserves held by the Central Bank decreased by 0.02 million troy ounces (622 kg) over two months to 11.42 million troy ounces (356.45 tons).

In 2023, Uzbekistan ranked second in the world in terms of gold sales volumes, selling 25 tons. Kazakhstan took the first place, selling twice as much precious metal.