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National Bank comments on purchase of gold from Kumtor

The National Bank of Kyrgyzstan commented on reports of a possible purchase of gold mined at Kumtor.

In accordance with the legislation of Kyrgyzstan, the National Bank and the Cabinet of Ministers have the right of preferential purchase of gold produced in the country. As part of the policy of replenishing the volume of gold and foreign exchange reserves, the National Bank on a regular basis purchases gold offered by local producers exclusively for the national currency.

«These operations are carried out only within the framework of the general agreement between Kyrgyzaltyn OJSC and the National Bank. In accordance with the established procedure, Kyrgyzaltyn OJSC applied with a proposal to purchase the next batch of gold produced in Kyrgyzstan by the National Bank. At present, the process of considering this proposal is underway in accordance with the established procedure,» the statement says.

External manager of Kumtor Tengiz Bolturuk stated the day before at a press conference that the National Bank would buy all the gold from the mine. He also announced sale of the first batch of the precious metal.