Kazakhstan Increasing Gold Reserves to 15%

Reuters reported that Kazakhstan’s central bank plans to boost its gold reserves and decrease holdings in the euro.

As quoted in the market news:

The bank’s deputy chairman, Bisengali Tadzhiyakov, told parliament it had signed contracts to buy 22 tonnes of gold – worth more that $1 billion at current prices – for its reserves from the domestic market. The central bank currently purchases all of the gold refined in Kazakhstan.

Click here to read the full Reuters report.