National Bank of Kazakhstan to begin selling fine gold abroad

By  Trend

The National Bank of Kazakhstan plans to sell abroad in the near future a small amount of gold bars – up to 4 percent of the amount of the fine gold purchased annually in the framework of the implementation of the priority right - in order to increase the recognition of domestic gold bars in the world markets, the message posted on the website of the regulator says.

Kazakhstan occupies the leading position among the most active buyers in terms of the growth rate of physical volume of gold from 2011 to 2017, the message says.

The National Bank of Kazakhstan implements the priority right to buy fine (high karat) gold from domestic producers.

"Despite the fact that the liquidity arising from the purchase of gold, occupies a small share in the wide monetary base, this factor has a stimulating effect on economic activity in the country," the message says.

Since the beginning of 2018, the National Bank of Kazakhstan has purchased about 33 tons of fine gold from domestic producers. At the moment, Kazakhstan occupies the 15th place in the world in terms of volume of gold reserves, having left behind Saudi Arabia in 2018.

The quantity of gold being in the portfolio of the National Bank of Kazakhstan as of September 10, 2018 amounts to 333 tons, or is equivalent to $12.8 billion.