Kazakhstan's gold reserves have increased by 7.4 tons, the World Gold Council reported. Thus, the total volume of gold in the country's reserves exceeded 298 tons. Why is it important to increase gold reserves, what benefits will this bring to the economy of Kazakhstan - in the material of the analytical observer of the Kazinform agency.
The World Gold Council reported that without the International Monetary Fund and the European Central Bank, Kazakhstan is in 18th place. The country is located between Great Britain and Lebanon. The top five remained unchanged: the USA, Germany, Italy, France and Russia. The US gold reserves exceeded 8.13 thousand tons this year.
What is the benefit of increasing the country's gold reserves? According to financier Gimran Abdrakhmanov, gold reserves in the state economy play the role of a security mechanism. They even help reduce inflation.
"The increase in gold reserves, first of all, is carried out to ensure the stability and financial security of the country. This is a kind of “safety cushion“ to reduce inflation and against economic threats, that is, gold remains the most reliable asset during periods of economic instability. Although the euro and the dollar are considered stable currencies, gold is always a reliable and safe instrument. Because during periods of cyclical nature of the economy, shares of companies, currencies and other assets change. We see that our tenge is also unstable. For this reason, the systematic replenishment of gold reserves is the most correct and effective step," says Abdrakhmanov.
Currently, one troy ounce is sold on the Comex exchange at a price of 3.2-3.36 thousand dollars. On the website of the National Bank of the Republic of Kazakhstan, 1 gram of gold is estimated at 54,000-56,000 tenge per day.
Earlier, the Ministry of Industry and Construction published updated data on the conditions for providing the country with minerals. According to the latest data, taking into account the existing volume of production, gold reserves in Kazakhstan will last for 30 years.
The mineral resource base of Kazakhstan includes deposits of solid and generally accessible minerals, hydrocarbons, and groundwater. In total, the state balance includes over 987 deposits of solid minerals, of which 355 are hydrocarbons, 987 are solid minerals, 3666 are generally accessible minerals and 4540 are groundwater deposits.