The National Bank of Kazakhstan has revealed its plan to reduce the share of gold in its reserves to 50%–55% by the end of 2024. As of the end of August, gold accounted for 54.9% ($23.4 billion) of the regulator’s gross reserves of $42.66 billion.
Last year, the National Bank reported gold net sales at 120 tons. At the same time, the regulator acquired 65.5 tons of gold from local producers under its priority right, resulting in a reduction of the gold reserves from 58.4% to 54.2% year-on-year by the end of December 2023. Gross international reserves consist of monetary...