Hyperinflation is not expected in Kyrgyzstan. The resigned head of the National Bank Tolkunbek Abdygulov announced at the meeting of the Parliament.
Answering the question from the deputy Natalya Nikitenko, he clarified the issue on the purchase of gold from Kumtor.
«We have nothing to do with Kumtor. We have to buy all the gold produced in Kyrgyzstan. Since the beginning of the year, we have bought 7 tonnes of gold. All this is kept in the National Bank’s vault and will serve as a reserve,» he said.
«The information about reduction of the gold reserve does not correspond to reality, on the contrary, it is increasing. We have reached an all-time high, which is $3,200 billion now. Apparently, it was about reduction of the share of gold in the reserve,» he said.
«In June of this year, Kyrgyzstan exported about 6 kilograms of gold. This conclusion can be made by examining the data of the National Statistical Committee. According to data for January — May, 4,135.7 kilograms of gold ($234,718,000) were sold, at the same time, from January to June — 4,141.9 kilograms ($234,909,700). If we subtract the first from the second, it turns out that 6.2 kilograms of gold worth less than $200,000 have been sold. At the same time, Mr. Bolturuk claims that more than a tonne of gold was mined worth about $40 million. A ton of gold is 35,274 ounces. With an average cost of $1,740 per ounce, and this is the average price on the London Stock Exchange during this time, we should receive more than $61 million, or $61,376,760. Where are they? Maybe they are at the National Bank, as we were told? But no. Since May, the value of the National Bank’s gold reserve has decreased by 62.5 billion soms. These are the data on the website of the National Bank,» the deputy Natalya Nikitenko said earlier.
