Kyrgyzstan’s gold reserves amount to 52 tons. Melis Turgunbaev, Chairman of the National Bank of Kyrgyzstan, announced at a meeting of the Parliament.
The deputies got interested in the issue of fluctuations in world prices for precious metals, and how this could affect the economy of the republic.
Dastan Dzhumabekov calculated that in monetary terms, 52 tons of gold are now equivalent to $3,700 billion.
«This is more than the country’s budget. It’s a good indicator. But today the price of gold on the world market is high, it is possible that it may decrease. Is there any reason to convert gold into currency, not just keep this gold reserve, but to use it for the development and implementation of large state projects? Kambar-Ata, the railway, other strategic facilities?» the MP asked the head of the National Bank of the Kyrgyz Republic.
He explained that in this case there would be no need to take out loans.
According to Melis Turgunbaev, one of the main tasks of the National Bank is to implement monetary policy.
«Our analysts monitor the price of gold daily. We analyze the situation on the gold market every day. Sometimes we buy it, sometimes we sell it. The same with currency — if necessary, we sell dollars, rubles. If necessary, we buy. This is one of the functions of the National Bank. Last year, we received a large income thanks to the correct and effective use of international reserves. Based on the results of five months of the current period, we also received a good income. If the analysis of the situation shows that we need to sell gold, we sell it,» he explained.
The head of the bank was praised in parliament for such a volume of gold reserves.
According to MP Gulya Kozhokulova, the National Bank of the Kyrgyz Republic entered the top 3 largest sellers of gold among the central banks in the world.