National Bank to buy all gold produced in Kazakhstan for the next 2-3 years
ALMATY. Sept 7 (Interfax) - The National Bank of Kazakhstan plans to buy all gold produced in the country within the next two or three years, said the chairman of the National Bank Grigory Marchenko.
"With the current gold production capacity, we will be easily buying out the entire gold output within the next 2-3 years," he said at a news conference on Wednesday in Almaty.
Marchenko, noted, however, that if at some point, the gold supply will be excessive, the National Bank will alter the gold buying scheme.
"We will buy only part of the gold output and let producers sell the rest in foreign markets, or the Bank may sell part of its gold portfolio, moreover, since half of the gold stock is actually stored outside the country," he said.
In order to create the most transparent purchase schemes, the National Bank intends to buy gold from all manufacturers on the same terms and conditions.
The National Bank of Kazakhstan plans to fully exercise the state's preemptive right to purchase refined gold in ingots in order to replenish gold and forex reserves.
The decree was issued due to changes in regulation of the precious metals market in connection with formation of the Customs Union with Russia and Belarus. It gives the Kazakh state preemptive rights to purchase refined gold in ingots earmarked for export.
Kazakhstan in 2010 produced 13,313 kg of refined gold, which is 29.5% above 2009.