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Kazakh Plan to Buy Gold Announced

PLANS to Buy Gold and expand Kazakhstan's official gold reserves have been detailed by the central bank.

Deputy chairman Bisengaly Tadzhiyakov said last week that he will be increasing the central bank's Gold Bullion holdings from 14-15% of its total reserves to 20% by value.

"We will Buy Gold from Kazzinc corporation, some 20 tonnes in 2012," Tadzhiyakov told the parliament in Astan, referring to the local copper miner which counts gold as a byproduct, "and a further 4.5 tonnes from Kazakhmys Gold."

Altogether, the National Bank of Kazakhstan now plans to buy as much as 70 tonnes of gold a year. The central bank has already bought 10.3 tonnes in the first five months of 2012.

Kazakhstan's domestic Gold Mining output totaled 16.6 tonnes in 2011, according to data from the State Statistics Agency. It is one of several former Soviet Union states to Buy Gold for its central-bank reserves in recent years. As a group worldwide, central banks added 456 tonnes to their Gold Bullion reserves in 2011, the most in nearly 50 years according to the London-based World Gold Council market-development organization.

Last week the central bank of Kazakhstan also announced that it is cutting its holdings of the European single currency, the Euro, from 30% to 25% of its foreign exchange reserves.

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Robin Molinas is working as a research assistant at BullionVault, the No.1 gold and silver ownership service for private investors.

See the full archive of Robin Molinas articles.

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