The National Bank of Kazakhstan Gold Reserves Top 321 Tons.
Having passed United Kingdom’s gold reserves, Kazakhstan eyes Saudi Arabia.
Total Kazakhstan gold reserves stood at 321.6099 tons at the end of June 2018.
Kazakhstan gold reserves are now 11.3 tons higher than the 310.3 tons held by the United Kingdom and 1.3 tons lower than Saudi Arabia’s 322.9 tons.
Gold constituted 43.0% of Kazakhstan’s overall official reserve assets as of June 30, 2018.
Kazakhstan added 2.799313 tons (90,000 ounces) of gold to reserves in June.
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 90,000 ounces of gold to her reserves in June, bringing her total to 321.6099 tons. Kazakhstan’s gold addition in June 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 June 2018, the Central Bank of Kazakhstan has added gold to her reserves 69 months in a row!
The National Bank of Kazakhstan added 90,000 ounces of gold to her reserves in June 2018.
Why does the Central Bank of Kazakhstan Buy Gold?
Kazakhstan has increased its gold mining production from about 20 tons a year in 2000 to around 70 tons a year in 2017. The Kazakhstan Tenge is a weak currency. Kazakhstan has the opportunity to turn its tenge into gold by buying gold from its domestic supply.
Iran and Turkey have been buying gold to protect themselves from their own weak currencies.
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Gold as a Percentage of Kazakhstan’s Foreign Reserves
The National Bank of Kazakhstan’s foreign reserves were $30.096 billion at the end of June down from 30.720 billion at the end of May and down from $31.339 billion at the end of April but up from $30.648 billion at the end of March.
The 10.34 million ounces (321.6099metric tons) of gold on the National Bank of Kazakhstan’s balance sheet as of the end of May 2018 were worth $12.934 billion or approximately 43.0% of overall reserves.
In contrast, gold as a percentage of overall reserves at the end of June 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 June 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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