Kazakhstan plans to raise the amount of gold it holds as part of its international reserves to 20 percent from 15 percent.
The central bank is buying 24.5 metric tons of gold this year, Bisengaly Tadzhiyakov, deputy chairman of the country’s central bank, told reporters today in the capital, Astana. Its 98.2 tons held by April made Kazakhstan the 35th largest official sector owner of gold, between Poland and Australia, according to the World Gold Council, citing International Monetary Fund data.
Kazakhstan’s gold holdings expanded by 16.2 tons this year through April, IMF data show. Central banks added 456.4 tons last year, the most in almost five decades, and will buy as much as 400 tons this year, the London-based World Gold Council says.
The banks are expanding reserves after the metal climbed the past 11 years and holdings in exchange-traded products are about 1 percent below March’s all-time high. Investors have 2,386.717 tons in ETPs, exceeding official reserves in all but the U.S., Germany, the IMF, Italy and France. Gold makes up more than 70 percent of their reserves, except for the IMF, according to the World Gold Council.