Central Bank Focuses on Current Gold Trends in Kazakhstan

SEATTLE (Scrap Monster): Being a country that produces around 70-80 tonnes of refined gold every year, Kazakhstan enjoys a leading global position in mining and processing of gold, said Aliya Moldabekova, Deputy Chairman, National Bank of the Republic of Kazakhstan (NBK).

The share of gold reserves in NBK currently stands at 69% of its total reserves. Over the past few years, the country has boosted its gold reserves significantly. As of July this year, the net refined gold holdings with the bank totalled 372.8 tonnes worth around $21.1 billion. The country is ranked fifteenth in the worldwide list by gold reserves. The increased gold purchase by the NBK has been positive for the local gold industry in Kazakhstan, Moldabekova said.

The bank has emerged as an active participant in the global gold markets. The country’s gold bars have gained widespread acceptance in world markets. It exports physical gold bars into the international market. It conducts business in derivative financial instruments to enable gold purchases. In addition, NBK sells certified refined gold bars to the public, with total sales till date exceeding 3.2 tonnes. 

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