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National Bank purchased 20 tons of gold since November 2011

15 march 2012, 20:04
0
Gregory Marchenko. ©Vladimir Dmitriyev
Gregory Marchenko. ©Vladimir Dmitriyev
According to the National Bank Governor Gregory Marchenko, the National Bank of Kazakhstan started exercising its pre-emptive right to purchase gold from Kazakhstan-based gold producers and has already purchased a total of 20 tons.

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.

According to him, the Bank reiterates the plans all the gold to be produced in 2012 and 2013.
“Should everything go as planned with gold producers (…) in 2012 they are to produce about 25 tons and we will purchase the whole stuff”, he said.

Mr. Marchenko stressed 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.

As of March 1, 2012 the Bank’s gold and currency reserves made up $35.352 billion, with the currency reserves standing at $30.072 billion.

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