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Kazakh central bank to buy all gold produced in the country

(Xinhua)

08:49, September 08, 2011

ALMATY, Sept. 7 (Xinhua) -- Kazakhstan's National Bank plans to buy all gold produced in the country over the next two to three years, bank officials said Wednesday.

Bank Governor Grigory Marchenko said at a news conference that the central bank will start buying up the entire gold bullion reserve from domestic producers on Jan. 1, 2012, to augment its gold reserves.

"In the next two or three years we will certainly be buying up the entire (gold output) volume," Marchenk said.

The central bank will wield the Centrail Asia nation's preemptive right to purchase refined gold in ingots in order to replenish its gold and forex reserves.

Kazakhstan's central bank has joined central banks of other emerging economies in stocking up gold reserves amidst concerns fueled by the ailing dollar and waning confidence in the resilience of the global economy.

The gold assets of Kazakhstan's central bank have grown by 29.5 percent since the end of last year to stand at 4 billion U.S. dollars as of Aug. 31, amounting to 11 percent of the country's net gold and foreign currency reserves.

Kazakhstan in 2010 produced 13.313 tons of refined gold, which is 29.5 percent above 2009.

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