Kyrgyzstan holds $1bln gold and currency reserves

Kyrgyzstan is holding a $1 billion gold and foreign currency reserve, Abdybaly tegin Suerkul, deputy chairman of the Kyrgyz National Bank said during the session of parliament committee on energy, budget and finance on Tuesday, October 28, 2008.

“Today the Kyrgyzstan’s reserves make $1.2 billion, which is about 40 billion KGS according to the current exchange rates. One third of this amount is kept in Euro, about 29-30 percent is kept in U.S. dollars and another 40 percent are kept in various currencies and precious metals. The current reserve holds 83 million ounces of gold, which is 2.5 thousand tons,” the banker said.

According to Abdybaly tegin Suerkul the gold reserve remains unchanged since 1996. In 2008 Kyrgyzstan enriched its gold and foreign currency reserve by $100 million. “However now when the dollar rates go up this amount decrease,” the deputy head said.