In late 2023, the National Bank of Kazakhstan (NBK) made headlines by selling nearly 57.43 tons of gold, surpassing other national banks in terms of gold sales. This move caused the share of precious metals in the Republic of Kazakhstan’s international reserves to decrease to 54.2%, as reported by the analytical agency Halyk Finance.The year 2023 saw the highest global demand for gold in the past two decades, with developing countries particularly active in purchasing the precious metal, driving prices to relatively high levels. Since 2012, the NBK had been prioritizing the acquisition of gold, steadily increasing its reserves. By 2022, the share of gold in its reserves had risen to 70%. However, due to gold’s low liquidity as a financial instrument, the NBK opted to gradually decrease its share and reinvest the proceeds in more profitable assets. By the end of 2023, the share of precious metals in the reserves had reached 54.2%, aligning with the NBK’s plan, which allows for a range of 50–55%. This placed the NBK ahead of all other national banks globally. The National Bank of Uzbekistan followed in second place with 24.57 tons, and the National Bank of Cambodia ranked third with 10.08 tons. Despite the significant gold sales, Kazakhstan remains among the top 20 countries with the largest gold reserves, currently holding the 18th position with 294 tons.
