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One big gold seller among central banks has even more to offload
By Nariman Gizitdinov
Bloomberg News
Sunday, July 30, 2023
In a turnaround that has already taken it from one of the biggest gold buyers to a top seller this year, Kazakhstan's central bank is looking to cut the metal's share to as low as half of its $34.5 billion reserves.
Alongside its counterparts in Turkey and Uzbekistan, the National Bank of Kazakhstan has emerged among the institutions that have contributed to a second straight quarter of decline in bullion purchases from central banks, whose buying accounted for nearly a quarter of global gold demand last year.
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The Kazakh sales abroad of about 67 tons in the first six months are part of a plan to lower the metal's share in reserves to an "optimal" level of 50-55% -- equivalent to around 300 tons -- at the end of 2023, from the current 314 tons. The proportion was near 56% at the end of June, the central bank said in an emailed reply to questions. ...
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