Kyrgyzstan purchases tenth of gold bullions in Kazakhstan

Only a tenth of gold bullions, which are being sold to the population of Kyrgyzstan, is purchased in Kazakhstan, the Chairman of the National Bank of the Kyrgyz Republic Tolkunbek Abdygulov said today at a meeting of the Parliament.

According to him, the new tool of investment — gold bullion — is popular among Kyrgyzstanis. More than 70 percent of gold bullions are the Kyrgyz. Kyrgyzaltyn JSC produces the heaviest ones — 100 gr. It has no possibility to produce smaller ingots, there is no necessary equipment.

At present, National Bank has sold nearly 138 kg of gold bullions. Only 15 kg of them were imported from Kazakhstan.

Tolkunbek Abdygulov

«We are negotiating with Kyrgyzaltyn over purchase of equipment. In this case, we will produce ingots weighing 1, 2, 3, 5, 10 grams and 1 ounce. From 2015, all the gold, except for Kumtor products, is bought by the National Bank. We 100 percent use our right of priority purchase of gold," Tolkunbek Abdygulov said.

However, deputy Ziyadin Zhamaldinov was unsatisfied with the answer of the head of the National Bank.

«If Kyrgyzaltyn can’t produce small bars, give gold to other jewelers. They will make any weight class for you. If we produce gold by ourselves, how can we buy it in Kazakhstan? We free import of bullions from all taxes. The budget doesn’t receive more than 2 million soms," Ziyadin Zhamaldinov said.