Kazakhstan Adds Gold To Reserves for the 74 Month in a Row

The National Bank of Kazakhstan Gold Reserves Top 345 Tons.

National Bank of Kazakhstan added 140,000 ounces (4.354487 tons) of gold to reserves in November.

Total Kazakhstan gold reserves stood at 345.2486 tons at the end of November 2018 vs Saudi Arabia’s 322.9 tons.

Gold constituted 44.96% of Kazakhstan’s overall official reserve assets as of November 30, 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 has added 1.47 million ounces or 45.722 tons of gold to reserves in 2018.

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The National Bank of Kazakhstan added 140,000 ounces of gold to her reserves in November bringing her total to 345.2486 tons. Kazakhstan’s gold addition in November 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 November 2018, the Central Bank of Kazakhstan has added gold to her reserves 74 months in a row!

Kazakh gold reserve 2015 - 2018 through November

The National Bank of Kazakhstan added 140,000 ounces (4.354487 tons) of gold to her reserves in November 2018.

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.

kazakhstan gold mining production 2012 -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.

Gold vs Kazakhstan TENGE January 2019

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Gold as a Percentage of Kazakhstan’s Foreign Reserves

The National Bank of Kazakhstan’s foreign reserves were $30.146 billion at the end of November up from $29.043 billion at the end of October.

The 11.11 million ounces (345.2486 metric tons) of gold on the National Bank of Kazakhstan’s balance sheet as of the end of October 2018 were worth $13.554 billion or approximately 46% 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.

Gold Reserves by Country Top TWENTY January 2019

The Central Bank of Kazakhstan has the 13th largest gold reserves among central banks.

Gold Reserves by Country top 11-20 January 2019

Click to see the top 40 gold holding nations.

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Kazakh gold holdings sources – World Gold Council, National Bank of Kazakhstan

Further Reading:

Chinese Gold Reserves (monthly archive)

Russian Gold Reserves (monthly archive)

Kazakh Gold Reserves (monthly archive)

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