Kyrgyz Central Bank Governor Tolkunbek Abdygulov – My Dream is for Every Citizen of Kyrgyzstan to own at least 100 Grams of Gold (3.5 ounces).
Kyrgyzstan Central Bank Holds Just 5 Tons of Gold.
Kyrgyz Citizen Gold Holdings Would Leap to 653 Tons if “”Dream” Realized.
According to a Bloomberg report the Central Bank Governor of the Kyrgyz Central Bank, Tolkunbek Abdygulov expressed his desire that each citizen of his country save at least 100 grams of gold or 3.5 ounces.
“Gold can be stored for a long time and, despite the price fluctuations on international markets, it doesn’t lose its value for the population as a means of savings,” said Tolkunbek Abdygulov in a phone interview with Bloomberg “I’ll try to turn the dream into reality faster.”
The Kyrgyz Central Bank currently sells bullion directly to citizens in 1- 100 gram bars and has sold a modest 140 kilograms of gold (approximately 4,500 ounces). If Governor Abdygulov’s a plan were to be realized, the citizens of Kyrgzstan would hold about 650 tons of gold.
If each of the six million citizens of Kyrgyzstan bought 3.5 ounces of gold, they would hold over 650 tons of gold.
See also: What if 1% of the U.S. Labor force saved in silver
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As of December 2016, the Central Bank of Kyrgyzstan held five tons (approximately 161,000 ounces) of gold that represented about 8% of their overall approximately $1.5 billion in reserves. According to the World Gold Council, Kryrgyzstan ranked 83rd among gold holding nations in January 2017.
Kyrgyzstan is a significant gold producer with about 20 tons of gold produced each year.
Kyrgyzstan is a central Asian country with about 6 million citizens and is neighbors with Kazakhstan and China.
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