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Kazakhstan boosting share of gold in gold and FX reserves

29 january 2013, 18:18
0
Photo courtesy of deswal.ru
Photo courtesy of deswal.ru
Kazakhstan is ranked 32nd by the share of gold in the country’s gold and FX reserves, kazTag reports, citing National Bank Vice Governor Bissengali Tadzhiyakov as saying.

“The share of gold in the country’s gold and FX reserves stands at 22% at the moment”, he said, adding that the National Bank keeps on exercising its preemptive right to purchase all the gold produced in Kazakhstan.

Earlier Tengrinews.kz reported that after the National Bank of Kazakhstan started exercising its pre-emptive right to purchase all gold produced in Kazakhstan back in October 2011, the share of gold in the National Bank’s reserves had grown from 12% to 16.02% by the end of June 2012.

“In the recent year and half the National Bank has purchased about 21 tons of gold”, Mr. Tadzhiyakov elaborated.

In 2012 Kazakhstan’s international reserves grew by 19.9% to make up $86 billion. Kazakhstan’s net international reserves as of December 2012 stood at $27.746 billion, with the assets of the National Oil Fund [accumulating windfall oil revenues] standing at $57.766 billion.

In August 2011 the National Bank announced that to combat lack of transparency in gold exports following the liberalization of the national market of precious metals and to refill the national gold and currency reserves the Bank would be exercising its preemptive right to purchase gold to be produced within Kazakhstan.

“Although the decision came into force only January 1, 2012, the Bank actually started purchasing gold in November 2011 and has already purchased about 20 tons”, Mr. Marchenko said during an on-line conference arranged by Profinance.kz in March 2013.

According to him, the Bank reiterates the plans to purchase all the gold to be produced in 2012 and 2013.
Mr. Marchenko stressed at that time it was hard to predict how the share of gold would change in the Bank’s gold and currency reserves. At the same time he believes it will not change drastically.

“Even if we purchase about 50 tons of gold within the following two years, the gold reserves will only grow by 70% (…) which is less than doubling”, he said.

Earlier Mr. Marchenko said that in the previous 6 years the National Bank had not been purchasing gold in the internal market as all the gold was exported.

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