The National Bank of Kazakhstan Gold Reserves Top 375 Tons in June.
National Bank of Kazakhstan added 150,000 ounces (4.6655 tons) of gold to reserves in June.
Total Kazakhstan gold reserves stood at 375.4192 tons at the end of June vs Saudi Arabia’s 322.9 tons.
Gold constituted 60.4% of Kazakhstan’s overall official reserve assets as of February 28, 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.
In this live stream we discussed The Central Bank of Kazakhstan’s Gold Reserves.
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The National Bank of Kazakhstan added 150,000 ounces of gold to her reserves in June, bringing her total to 375.4192 tons. Kazakhstan’s gold addition in June 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 $17.053 billion as of June 30, 2019.
Kazakhstan’s gold reserves are about 6.8 tons less than 12th place Portugal’s 382.5 tons.
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 2018 and 2019, the central banks of Poland, Hungary, Qatar, Mongolia, Turkey, Uzebekistan 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 June 2019, the Central Bank of Kazakhstan has added gold to her reserves 79 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 $28.222 billion at the end of June down from $30.927.03 billion at the end of December 2018.
The 12.07 million ounces (375.4192 metric tons) of gold on the National Bank of Kazakhstan’s balance sheet as of the end of June 2018 were worth $17.053 billion or approximately 60.4% of overall reserves.
In contrast, gold as a percentage of overall reserves at the end of July 2019 was approximately 19.% 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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