Each of Kyrgyzstan’s 6 million citizens should own some gold, 100
grams, or 3.5 ounces, of the precious metal at a minimum.
At least that’s the goal of Tolkunbek Abdygulov, the chairman of
the National Bank of the Kyrgyz Republic, the central bank for the
post-Soviet nation geographically positioned between China and
Kazakhstan. Abdygulov is advocating a shift in savings from cattle to
gold, the latter representing the nation’s biggest export.
Bloomberg reports that since Abdygulov assumed
oversight of the central bank in 2014, Kyrgyzstan has raised the share
of gold in the nation’s own reserves. Kyrgyz policy makers lifted the
2.6-ton cap on reserves in 2012, allowing purchases to add to the
stockpile by 70 percent, surging to 4.5 tons by the end of the third
quarter of 2016.
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In comparison, the United States, which leads the world in gold
reserves, holds 8,133.46 tons, according to the latest figures
compiled by the World
Over the past two years as the Kyrgyzstan central bank has offered
gold bars for sale directly to the public, 140 kilograms, or 308
pounds, of gold have been sold, Bloomberg reports.
According to Bloomberg, Kyrgyzstan mines approximately 20 tons of
gold annually. The National Bank of the Kyrgyz Republic uses the
national currency, the som, to purchase locally mined gold, which can
then be sold abroad if needed.
For more information, visit the Bloomberg report here.