Kyrgyz central bank to buy 1.5 tonnes of gold in 2016

By bne IntelliNews December 11, 2015

The National Bank of the Kyrgyz Republic plans to buy 1.5 tonnes of gold in 2016, up from 350 kilogrammes in 2015, news website Tazabek.kg reported citing the central bank’s Governor Tolkunbek Abdygulov as saying on December 10. The bank is usually required to buy 400 kilogrammes of gold annually to replenish its reserves, Abdygulov said.

The central bank is currently trying to contain the dollarisation of the country’s economy. In May, the bank started selling gold bullion weighing from 1gr to 100gr as an alternative to savings in dollars. People in Kyrgyzstan are switching to hard-currency assets as they lose faith in the Kyrgyz som, which has been on a rollercoaster in the past 12 months, losing a quarter of its value against the dollar. Gold bullion is currently available for the public at the National Bank headquarters in the capital city of Bishkek and Osh, in the southern part of the country.

Kyrgyzstan’s total gold reserves stood at 4.1 tonnes as of October, according to latest figures from the World Gold Council.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Tashkent Stock Exchange reports decline in 1Q24 trading volume

Tashkent Stock Exchange (TSE) has released its results for 1Q24, revealing a significant decrease in trading volume y/y. The results report, compiled by the TSE and Avesta Investment Group, ... more

EIF signs guarantee agreements with 11 banks in Western Balkans, unlocking €750mn for small businesses

The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more

UniCredit sees modest growth and fiscal overshoot for Hungary in 2024

Hungary’s economic rebound will be modest this year, around 2%, and the return to potential growth is set to be postponed to 2025 with GDP expanding around 3.2%, according to UniCredit bank's ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    6 days ago
  2. Saudi Arabia to scale back plans for Neom city
    9 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    6 days ago
  4. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  5. Russia’s war economy boosted by rising oil prices
    3 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    20 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    24 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    29 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    22 days ago

Reports

Dismiss