Gold stands as the cornerstone of mutual trade between Kyrgyzstan and Switzerland. This was confirmed by Ambassador of Switzerland to the Kyrgyz Republic Olivier Bangerter. In the first 10M 2023, Kyrgyzstan exported 12.8 tons of gold valued at $805.4mn. This figure saw an increase of 2.9 tons in just one month. The majority of the precious metals export was to Switzerland, with 10.6 tons of gold worth $665mn being delivered there.
Dr. Bangerter outlined two primary reasons for Switzerland’s interest in Kyrgyz gold:
- The Kyrgyz National Bank employs Swiss financial institutions to market some of its gold on international platforms, thereby earning foreign currency. These funds are subsequently utilized to offset public debt and implement interventions to bolster the som.
- Switzerland’s watch and jewellery sector has a significant demand for gold. Consequently, any company within this industry seeks to procure as much gold as possible. Kyrgyzstan presents one such opportunity for these companies.
While the final figures for 2023 are yet to be confirmed, Dr Bangerter revealed that Switzerland purchased 12.7 tons of gold from January to November.
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