UPDATE 1-Kazakh c.bank to have 20 pct of reserves in gold

Wed Jun 13, 2012 6:56am GMT
 

* C.bank raises gold purchase, gold holdings target

* Plans to cut holdings in ailing euro (Adds quotes, details background)

By Raushan Nurshayeva

ASTANA, June 13 (Reuters) - Kazakhstan's central bank plans to boost the share of gold in its gold and foreign currency reserves to 20 percent from 14-15 percent, deputy bank chairman Bisengali Tadzhiyakov said on Wednesday.

Tadzhiyakov, who gave no time frame for the move, said last week Kazakhstan planned to buy 22 tonnes of gold from local producers, which at that time he estimated would boost the share of the metal to 15 percent from about 12 percent.

"We will buy from Kazzinc corporation 20 tonnes (of gold) in 2012, and a further 4.5 tonnes from Kazakhmys," he told journalists on Wednesday, reading out updated figures from his report prepared for presentation in parliament.

"The total volume is 24.5 tonnes."

The central bank also announced last week that it would cut its holdings in the ailing euro currency to 25 percent from 30 percent.

Former Soviet Kazakhstan is one of a number of countries, including Russia, Mexico, Colombia and South Korea, that have built up their official gold holdings in recent years.   Continued...

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