Kyrgyzstan continues to bolster its gold reserves, which now exceed 50 tons, according to the country's Prime Minister, Akylbek Japarov.
He attributed this achievement to government measures and emphasized the significance of this stockpile in a changing geopolitical and economic landscape, offering stability and security for the nation's future.
Publicly available data indicates that in 2020, Kyrgyzstan held approximately 14.5 tons of gold, ranking 65th in the world for gold reserves. Prime Minister Japarov also noted that the country boasts around 15,000 deposits of various minerals, with approximately 500 of them currently under active development.
Among these, there are 26 mines for fuel and energy resources, 60 for precious metals, and 36 for non-ferrous and rare metals, gypsum, yellowstone, salt, and more. Additionally, Kyrgyzstan possesses over 15 mineral water deposits, such as Jalal-Abad, Issyk-Ata, and Arashan, contributing significantly to the country's revenue, with a GDP exceeding KGS 1tn ($11.29bn).
"This strategic accumulation of gold and the diverse mineral resources underline Kyrgyzstan's efforts to fortify its economic stability and prospects for the future"- stated TASS.
Earlier, Daryo reported that as gold continues its allure in the world markets, Uzbekistan emerges as one of the significant players in the realm of central bank gold acquisitions.
Krishan Gopaul, a senior market analyst for the World Gold Council (WGC), remarked on the volatility of Uzbekistan's gold activities. The World Gold Council's records indicate that while Uzbekistan bolstered its reserves in August, it sold off 11.2 tons in the preceding month of July.
Central Asian countries are turning to gold as a safety measure amid global uncertainties. Kazakhstan's gold reserves have reduced, while Kyrgyzstan's gold exports and reserves have increased. Uzbekistan faced a decline in assets but saw a surge in gold reserves. Tajikistan's gold reserves remained stable, while Afghanistan's stayed constant for years. Gold is considered a defensive asset, used by central banks to safeguard against economic uncertainties. Kazakhstan and Uzbekistan reduced their gold holdings, while other Central Asian nations maintained stability.
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