ALMATY (Interfax-Kazakhstan) — The National Bank of Kazakhstan plans to purchase about 60 tonnes of gold in 2020, the National Bank said on Tuesday.

Kazakhstan’s gold and foreign exchange reserves reaches a new record high since 2017. The growth in gold reserves is stimulated by an increase in foreign currency.

Kazakhstan Gold Reserves

Gold Reserves in Kazakhstan increased to 388.30 Tonnes in the first quarter of 2020 from 377.48 Tonnes in the fourth quarter of 2019.
(Sources: Trading Economics, World Gold Council)

As of January, the nation’s state debt was estimated at 17.3 tln tenge ($45.4 bln), 25.2% of GDP. In comparison, the national debt of the United States stands at $24.95 tln, accounting for 79% of its GDP, and $234.9 bln in neighbouring Russia, or 17.4% to its GDP.