Russia and Kazakhstan increase gold reserves
Adam Pike, News Editor
26 Aug 2014, 10:31 a.m.
The Central Banks of Russia and Kazakhstan both increased their gold bullion reserves in July according to data released by the International Monetary Fund.
Russia increased their reserves by 6.3 tons to 1,002.8 tons. Russia’s Central Bank holdings are now the seventh largest in the world. Kazakhstan increased their holdings by 1.1 tons to 132 tonnes. Both Central Banks have now increased their holding for ten consecutive months.
Many Central Banks in developing countries have increased their gold bullion holdings over the last few years as a response to expanding sovereign debt and the debasement of major reserve currencies such as the Yen, U.S. dollar and the Euro.
The Central Banks of Guatemala, Kyrgyz Republic and Azerbaijan all increased their reserves in July.