Thursday, June 13th 06:10 PM IST

Kazakhstan central bank buys 32 tons of domestic Gold

# Kazakhstan gold  # Kazakh Statistics Agency  # Kazakh silver  

In line with a presidential decree, last year country's central bank, the National Bank was given a priority right to purchase fine gold in bars inside the country.

ASTANA(BullionStreet): Central Asian republic of Azerbaijan has continued to accumulate gold reserves by purchasing gold from domestic enterprises.

In line with a presidential decree, last year country's central bank, the National Bank was given a priority right to purchase fine gold in bars inside the country.

The bank has purchased 32 tons of Kazakhstan's refined gold from domestic enterprises within the last 2 years in purpose of formation of gold and forex reserves of the country.

National Bank said starting from the beginning of this year international reserves of the country, including the foreign currency reserves of the National Fund, have increased by 17.2 percent and made $80.5 billion.

In this relation, the share of gold in the gold and currency reserves of the National Bank grew almost 30 percent starting from the beginning of this year, the bank said.

The country has adopted a special plan and introduced zero VAT rate on gold sale to the National Bank of Kazakhstan.

Kazakhstan announced plans to raise annual gold production to 70 tons and aimed to process a major part of it domestically.

A new gold refinery with a capacity to refine 25 tons of gold and 50 tons of silver is under the process of construction.

How about a fully featured Android App for your business?
  • Lin & Sons Jewellers

    We are a manufacturer and retailer of silverware…

  • Bholasons

    For a century now, Bholasons has stood for…

  • Fields

    Gratefully celebrating over thirty years…

  • Ernest Jones

    From modest beginnings in 1949, Ernest Jones…

Most Popular

Bullion Street Newsletter