The National Bank of Kazakhstan added 60,000 ounces of gold to her reserves in July and passed Austria which holds 280 tons. Austria has been discussing repatriating its gold but has not added gold to her reserves in decades.
Gold as a Percentage of Kazakhstan’s Foreign Reserves
The National Bank of Kazakhstan’s foreign reserves were $32.944 billion at the end of July, up from $30.010 billion at the end of June which was down slightly from $30.187 billion at the end of May but up from $29.796 billion at the end of April 2017, up from $29.742 billion at the end of March, up from $29.697 billion at the end of February and $29.375 billion at the end of January.
The 9.03 million ounces (280.8644 metric tons) on the National Bank of Kazakhstan’s balance sheet as of the end of June 2017 were worth $11.438 billion or approximately 34.7% of overall reserves.
In contrast, gold as a percentage of overall reserves at the end of May 2017 was approximately 18% at the Russian Central Bank and approximately 2% at the People’s Bank of China.
As of the end of July 2017, the Central Bank of Kazakhstan is the 19th largest gold holding nation.
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