Kazakhstan increased its gold reserves by 1.2% m/m to 225.6 tonnes in February, the IMF said in a report published on March 25. This means that Kazakhstan's central bank extended the period of building up gold reserves to 41 months in a row.
The National Bank of Kazakhstan's (NBK) reported on March 11 that its gold reserves surged by 12.21% m/m and 18.8% ytd to $8.953bn at the end of February. The IMF's data confirms that the growth was not only the result of an increase in global gold prices but also a consequence of physical gold accumulation. In January-February gold prices grew by 15.8% from $1,061 to $1,229 per ounce.
The Kazakh central bank perceives gold as a safe haven during time of uncertainty. It also pursues the policy of priority buying all gold produced in the country. Gold is gradually gaining more prominence in the Kazakh central bank's reserves portfolio. In August 2011, the share of gold in the NBK's FX/gold reserves stood at less than 10% but it reached 27% in $28bn FX/gold reserves at the end of 2015.
Related Articles
Kazakhstan’s Freedom fintech sets out to emulate and exceed Revolut in Europe
Freedom Holding Corp (Nasdaq: FRHC) is positioning itself to expand deeper into Europe’s financial services market with plans to launch a digital bank in France, backed by a €500mn ($572mn) ... more
Fintech Freedom Holding aims to make France key entry point into EU with €500mn investment
A French banking licence would open the way to a new phase in the international expansion of Nasdaq-listed fintech group Freedom Holding Corp. That’s the expectation of Freedom, a company ... more
Net income at Freedom Holding Corp more than doubles in fiscal 2026
Freedom Holding Corp (Nasdaq: FRHC) slightly more than doubled its net income to $153.3mn in its fiscal year to March 31 from from $76.2mn in the previous fiscal 12 months, the international ... more