The National Bank of Kazakhstan Gold Reserves Top 318 Tons.
Having passed United Kingdom’s gold reserves, Kazakhstan eyes Saudi Arabia
Total Kazakhstan gold reserves stood at 318.8106372 tons at the end of May 2018.
Kazakhstan gold reserves are now 8.5 tons higher than the 310.3 tons held by the United Kingdom.
Gold constituted 43.5% of Kazakhstan’s overall official reserve assets as of May 31, 2018.
Kazakhstan added 4.354487 tons (140,00 ounces) of gold to reserves in May.
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.
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The National Bank of Kazakhstan added 140,000 ounces of gold to her reserves in May, bringing her total to 318.811 tons. Kazakhstan’s gold addition in May places it in fifteenth place ahead of 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 $13.316 billion as of April 30, 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.
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 May 2018, its gold reserves had swollen to eight tons.
As of May 2018, the Central Bank of Kazakhstan has added gold to her reserves 68 months in a row!
The National Bank of Kazakhstan added 140,000 ounces of gold to her reserves in May 2018.
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Gold as a Percentage of Kazakhstan’s Foreign Reserves
The National Bank of Kazakhstan’s foreign reserves were 30.720 billion at the end of May down from $31.339 billion at the end of April but up from $30.648 billion at the end of March.
The 10.25 million ounces (318.8106372 metric tons) of gold on the National Bank of Kazakhstan’s balance sheet as of the end of May 2018 were worth $13.357 billion or approximately 43.5% of overall reserves.
In contrast, gold as a percentage of overall reserves at the end of May 2018 was approximately 17.6% at the Russian Central Bank and approximately 2% at the People’s Bank of China.
According to the USGS, Kazakhstan has increased it gold production from about 22 tons of gold a year in 2008 to about 77 tons in 2017. As Russia converts its roubles into domestically mined gold, Kazakhstan is converting its Kazakhstani Tenge into gold.
As of the end of Mayl 2018, the Central Bank of Kazakhstan was the 15th largest gold holding nation.
Click to see the top 40 gold holding nations.
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