Kazakhstan Central Bank to Sell Gold Reserves for Portfolio Rebalancing

Key Facts

1Kazakhstan's central bank announced plans to sell gold reserves after holdings reached 78% of its total portfolio.

2The Deputy Governor stated that multi-decade highs in US Treasury yields make dollar assets highly attractive for rebalancing.

The National Bank of Kazakhstan announced plans to sell a portion of its gold reserves after holdings reached 78% of its total international portfolio. Kitco reported that the central bank aims to reduce this share by 3% to reach a 75% target by the end of 2026, utilizing both physical gold sales and options.

Deputy Governor Aliya Moldabekova stated that multi-decade highs in US Treasury yields have made dollar-denominated assets highly attractive for rebalancing purposes. Moldabekova noted that current holdings of approximately 377 tonnes caused the reserves to resemble a single-asset portfolio, prompting a shift from being the world's fourth-largest sovereign buyer in 2026 to a seller to ensure liquidity within its $66.4 billion foreign exchange reserves.