The Central Bank of Kazakhstan plans to buy gold produced in the country using the priority it has received from the country’s government to be able to buy export gold at a time of rising gold prices.
The Central Bank of Kazakhstan will fully purchase gold produced in the country only after the law comes into force on January 1, 2012.
Thus, the Central Bank of Kazakhstan has become another central bank in the world that increases its gold reserves in the midst of 11 years of rising gold prices. In support of this, the news of the intention of the Central Bank of Venezuela to return to the country all the physical gold it stores abroad was known.
According to the Central Bank of Kazakhstan, at the end of July its gold reserves were estimated at $ 3.5 billion, equivalent to 9.5% of the country’s gold and foreign exchange reserves.