National Bank of Kazakhstan Halts Gold Sales

The National Bank of Kazakhstan has suspended gold sales since February 19, National Bank Governor Timur Suleimenov announced during a briefing.

"Since February 19 we have suspended gold sales. However, we continue purchasing gold in the previous volumes. This year the Industry Ministry has allowed us to buy 67 tonnes of gold, and the same volume to be purchased has been confirmed by the gold producers," Suleimenov said, The Caspian Post reports citing Interfax.

He said that about 8 tonnes of gold had been purchased since the beginning of the year.

"All remaining volumes will be stored in our vaults. We are not going to sell any more gold but will be accumulating it," the chief banker said.

Kazakhstan has required gold producers to sell refined gold to the National Bank since 2011. This helped boost the gold and FX reserves to an all-time high of $45.8 billion, including $23.8 billion gold, by the end of 2024.