Kazakhstan is ranked 21st in the world in terms of fine gold reserves

Almaty. June 16. Silkroadnews – In terms of fine gold reserves Kazakhstan is ranked 21st in the world, Director of the balance of payments and currency regulations department of the National Bank of Kazakhstan Akylzhan Baimagambetov said, KazTAG reports.

“As a total since the beginning of realization (of the National Bank’s priority right on purchase of gold produced in Kazakhstan – Silkroadnews) and as of June 1, 2016, we have purchased 119 tons of fine gold. The gold portfolio has increased significantly – its share in the net gold and foreign exchange reserves increased from around 14% up to 32.8%. Within the period from 2011 to June 2016 Kazakhstan improved its ranking from 38th to 21st line on gold reserves within the official reserves according to the World Gold Council,” A. Baimagambetov said on Wednesday.

“At the moment interest in gold is heightened by the weak prospect of global economic growth, prudent monetary policy by the U.S. Federal Reserve System and the Chinese economy’s risks,” he said.

“With the current rate of fine gold purchases by the National Bank in the domestic market Kazakhstan can join the top twenty countries in terms of the world gold reserves within next two-three years. The proportion of gold to total international reserves of Kazakhstan continues to grow and gradually approaches the level of such developed countries as the U.S., Germany, France, Italy and others. Currently, Kazakhstan is ranked the twenty-first on the official gold reserves,” the representative of the National Bank said.