The National Bank of Kazakhstan Gold Reserves Top 350 Tons in 2018
National Bank of Kazakhstan added 160,000 ounces (4.976556 tons) of gold to reserves in December.
Total Kazakhstan gold reserves stood at 350.53618 tons at the end of December 2018 vs Saudi Arabia’s 322.9 tons.
Gold constituted 46.53% of Kazakhstan’s overall official reserve assets as of December 31, 2018.
Kazakhstan added approximately 36 tons of gold (approximately 1,163,000 ounces) to reserves in 2016.
Kazakhstan added 40 tons of gold (approximately 1,286,000 ounces) in 2017.
Kazakhstan added 1.63 million ounces or 50.69867 tons of gold to reserves in 2018.
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Watch “Kazakhstan Adds Gold To Reserves for the 75 Month in a Row”
The National Bank of Kazakhstan added 160,000 ounces of gold to her reserves in December bringing her total to 350.53618 tons. Kazakhstan’s gold addition in December places it in thirteenth place ahead of Saudi Arabia and the United Kingdom among gold holding nations. According to the World Gold Council the United Kingdom holds 310.3 tons of gold. The United Kingdom sold a significant portion of its gold reserves in the early 2000’s.
According to the International Monetary Fund the GDP of the United Kingdom was $2.5 trillion in 2017, while the GDP of Kazakhstan was $160 billion. Kazakhstan’s gold was worth $13.357 billion as of October 31, 2018.
Along with the Central Bank of Russia, Turkey and The People’s Bank of China, the National Bank of Kazakhstan is one of the few central banks, that have been adding gold to reserves over the past few years. In mid to late 2018, the central banks of Poland, Hungary, Qatar, Mongolia and the Kyrgyz Republic have added varying amounts of gold to their reserves.
The Central Bank of the Kyrgyz Republic is also adding gold, albeit in smaller amounts. In February 2017, The Kyrgyz Central Bank Governor Tolkunbek Abdygulov while adding gold to the central banks coffers, also urged its citizens to buy gold. At the time the Central Bank of Kyrgyzstan had about five tons of gold. As of the end of June 2018, its gold reserves had swollen to 8.9 tons.
As of December 2018, the Central Bank of Kazakhstan has added gold to her reserves 75 months in a row!
Why does the Central Bank of Kazakhstan Buy Gold?
According to the USGS, Kazakhstan has increased it gold production from about 22 tons of gold a year in 2008 to about 70 tons in 2017. As Russia converts its roubles into domestically mined gold, Kazakhstan is converting its Kazakhstani Tenge into gold.
The Kazakhstan Tenge is a weak currency. Kazakhstan has the opportunity to turn its tenge into gold by buying gold from its domestic supply.
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Gold as a Percentage of Kazakhstan’s Foreign Reserves
The National Bank of Kazakhstan’s foreign reserves were 30.927.03 billion at the end of December up from $30.146 billion at the end of November.
The 11.27 million ounces (350.53618 metric tons) of gold on the National Bank of Kazakhstan’s balance sheet as of the end of December 2018 were worth $14.390 billion or approximately 46.5% of overall reserves.
In contrast, gold as a percentage of overall reserves at the end of November 2018 was approximately 17.9% at the Russian Central Bank and approximately 2% at the People’s Bank of China.
Click to see the top 40 gold holding nations.
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