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Share of gold in National Bank’s reserves exceeded 16%

11 july 2012, 13:03
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Photo courtesy of deswal.ru
Photo courtesy of deswal.ru
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 grew from 12% to 16.02% as of the end of June 2012, Newskaz.ru reports, citing Akylzhan Baimagambetov, Head of the Bank’s Monetary Operations Department, as saying July 6.

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.

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.

According to the National Bank, the pre-emptive right to purchase all gold produced within Kazakhstan enabled to purchase 5.3 tons of gold, with another 11.8 tons purchased in the H1 2012.

According to Mr. Baimagambetov, in the H2 2012 the Bank plans to purchase 15 tons.

Mid-March 2012 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.

According to Mr. Baimagambetov, the total gold reserves of the National Bank as of June 29, 2012 made up almost 101.4 tons, with 69.1 tons kept abroad and the other 32.3 tons kept in the National Bank.

As of June 1, 2012 gross international reserves of the National Bank stood at $34.27 billion (16.9% up against the start of the year), including currency reserves of $29.23 billion (16.16% up) and gold assets worth over $5 billion (21.39% up).

As of now there are two gold refineries owned by Kazakhmys and Kazzinc. Construction of the third [this time a state-run] refinery capable of producing 25 tons of gold and 50 tons of silver is to be completed in 2013 in Astana. The investments are estimated at $30.4 million. “Out of 29 gold-mining companies based in Kazakhstan 19 companies have already signed memoranda on gold supplies to the would-be gold refinery”, country’s Minister of Industry and Trade Asset Issekeshev said at the mining congress July 4.

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