The central bank, which holds the right to purchase 100% of the gold produced by the world's eighth-largest producer, has seen its bullion stockpile swell to 386 tonnes. Moldabekova noted that maintaining such a high concentration of a single metal risks the liquidity of the bank's $66.4 billion foreign currency reserves. The institution intends to reduce this share by 3% before the end of 2026.
Kazakhstan Pivots to Gold Sales as Reserves Hit 78% Concentration
With gold holdings ballooning to 78% of its total reserves, the National Bank of Kazakhstan is shifting from a major buyer to a seller. Deputy Governor Aliya Moldabekova confirmed the move, citing the allure of high U.S. Treasury yields and a need to diversify away from what she termed a single-asset portfolio.
To reach the 75% target, the bank plans to split its divestment strategy equally between physical gold sales and the sale of options. While World Gold Council data identifies Kazakhstan as the fourth-largest sovereign buyer through the first eight months of 2026, the central bank is now prioritizing rebalancing. Moldabekova indicated that if gold prices retreat below $4,000 per ounce, the portfolio may naturally drift toward the target without aggressive intervention. Despite the adjustment, the bank anticipates the price of gold will continue its upward trajectory amid ongoing global economic uncertainty.
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