Kazakhstan Adds 101,000 Ounces Of Gold To Reserves In October

Kazakhstan Adds 101,000 Ounces Of Gold To Reserves In October

The National Bank of Kazakhstan Added 3.1 Tons (101,000 ounces) of Gold To Reserves in October.
Total Gold Reserves Stood at 252 Tons at end of October 2016.

Kazakhstan Gold Reseves Rank 21st in the World.

The National Bank of Kazakhstan added 101,000 ounce of gold to her reserves in October. Along with the Central Bank of Russia and The People’s Bank of China, the National Bank of Kazakhstan is one of the few central banks that have been adding gold to reserves over the past ten years.

The National Bank of Kazakhstan added 101,000 ounces of gold to her reserves in October 2016.

Gold as a Percentage of Kazakhstan’s Foreign Reserves

The National Bank of Kazakhstan’s foreign reserves were $30.314 billion at the end of October 2016 down from $31.23 billion at the end of September 2016. Despite the decline in overall foreign reserves, Kazakhstan continued to add gold to her reserves.

The 8.09 million ounces (251.62 metric tons) on the National Bank of Kazakhstan’s balance sheet as of the end of October 2016 were worth $10.290 billion or approximately 34% of overall reserves.

In contrast, gold as a percentage of overall reserves at the end of October 2016 was approximately 15% at the Russian Central Bank and approximately 2% at the People’s Bank of China.

Gold additions by the National Bank of Kazakhstan over the past two years have vaulted it from a top 30 holder to the 21st largest gold holding nation.

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