Latest news with #NationalBankofKazakhstan
See - Sada Elbalad
10 hours ago
- Business
- See - Sada Elbalad
Global Central Banks Add 20 Tonnes to Gold Reserves in May
Waleed Farouk Global official gold reserves saw a net increase of 20 tonnes in May, according to the latest data from the World Gold Council (WGC). While this marks a modest rise compared to April, it remains below the 12-month average monthly purchase of 27 tonnes. Kazakhstan Leads Central Bank Gold Purchases The National Bank of Kazakhstan topped the list of buyers in May, adding 7 tonnes of gold to its reserves, bringing its total holdings to 299 tonnes—an increase of 15 tonnes since the beginning of the year. The Turkish central bank and Poland's national bank also recorded net purchases of 6 tonnes each. Poland has now bought a total of 67 tonnes in 2025, making it the largest net buyer of gold among central banks so far this year. Other notable buyers in May include: The People's Bank of China and the Czech National Bank, each adding 2 tonnes. The central banks of Kyrgyzstan, Cambodia, the Philippines, and Ghana, each adding 1 tonne. Singapore and Uzbekistan Lead Gold Sales On the other hand, the Monetary Authority of Singapore was the largest seller in May, reducing its gold reserves by 5 tonnes. It was followed by Uzbekistan and Germany's Bundesbank, both selling 1 tonne. On a year-to-date basis, Uzbekistan remains the largest net seller with 27 tonnes sold, followed by Singapore with 10 tonnes. 2025 Survey: Central Banks Increasingly Bullish on Gold The World Gold Council's 2025 Central Bank Gold Reserves Survey revealed a significant shift in sentiment among central banks: 95% of respondents expect global official gold reserves to rise over the next 12 months, up from 81% in last year's survey. 43% plan to increase their own gold reserves—the highest level ever recorded, compared to 29% in 2024. A record 73 central banks participated in the survey, highlighting growing interest in managing gold as a strategic reserve asset. 76% expect gold to account for a larger share of their reserves in the next five years. 73% anticipate a decline in the U.S. dollar's share of reserves. A Structural Shift in Reserve Management This shift reflects a reassessment of gold's role as a safe-haven asset and hedge against inflation and geopolitical risk—particularly amid ongoing tensions in the Middle East, which have increased gold's strategic appeal to monetary policymakers. Additionally, the rise in the number of central banks actively managing their gold holdings (44% in 2025, up from 37% in 2024) indicates a trend toward more professionalized reserve management strategies. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
Forbes
11 hours ago
- Business
- Forbes
Central Banks Buy 20 Tonnes Of Gold In May, Says World Gold Council
Photo by michael norcia/Sygma via Getty Images Sygma via Getty Images Global central banks bought another 20 tonnes of gold in May as conflict erupted in the Middle East, the World Gold Council (WGC) announced on Wednesday. Total purchases were up from 12 tonnes in April, but lower than the 12-month average of 27 tonnes, data from the organization showed. The WGC commented that 'fresh tensions in the Middle East may have reinforced the strategic appeal of gold for central banks looking to safeguard reserves against geopolitical shocks.' Changes to central bank gold holdings since early 2022. World Gold Council Gold demand has risen sharply in recent years, driven by military actions in Europe and the Middle East, and concerns over the impact of fresh trade tariffs on global growth and inflation. Central bank buying has also risen as reserve managers have sought to diversify their holdings away from the US dollar and towards other paper currencies and gold bullion. Gold prices surged to all-time peaks just above $3,500 per ounce in late April before falling as profit taking set in and market confidence improved. It was last changing hands at $3,334.40, still up 43% year on year. Biggest Buyers The National Bank of Kazakhstan was the busiest bullion buyer in May, the WGC said. It added seven tonnes over the month to take its holdings to 299 tonnes. This raised total purchases in the year to date to 15 tonnes. The Central Bank of Turkey and National Bank of Poland (NBP) were tied in second place on the buyers' list, both institutions purchasing six tonnes. As a consequence, 'the NBP remains the largest net purchaser of gold in 2025, adding 67 tonnes,' the WGC said. Changes to central bank gold holdings this year. World Gold Council Both the People's Bank of China and Czech National Bank added two tonnes of gold in May. The National Bank of the Kyrgyz Republic, National Bank of Cambodia, the Central Bank of the Philippines, and the Bank of Ghana each purchased one tonne of gold. Gold Sellers On the selling side, the Monetary Authority of Singapore offloaded the most gold – it emptied its vaults of five tonnes of the precious metal. Next up came the Central Bank of the Republic of Uzbekistan and the Deutsche Bundesbank, which each sold one tonne of material in May. May's activity cements Uzbekistan as the largest seller so far in 2025, racking up 27 tonnes of gold sales. Singapore is in second place, with sales coming in at 10 tonnes. Rising Demand According to the WGC, central banks have bought 1,000 tonnes of gold annually during the last three years. That compares with between 400 and 500 tonnes during the preceding decade. A recent Council poll showed that officials plan to continue building their metal reserves, too. A whopping 95% of 72 respondents said they expect global central bank reserves to rise over the next 12 months. Furthermore, 43% of those tipped their own holdings to increase over the period. These numbers were up from 81% and 29% respectively in 2024, and represented all-time highs. The WGC also noted that '76% of respondents believe that gold will hold a (moderately or significantly) higher share of total reserves five years from now, up from 69% last year.'
Hi Dubai
09-04-2025
- Business
- Hi Dubai
UAE and Kazakhstan Strengthen Financial Ties with Strategic MoU
The Central Bank of the UAE (CBUAE) and key financial authorities in Kazakhstan have signed a landmark Memorandum of Understanding (MoU) to enhance cooperation in financial regulation, innovation, and market development. The MoU, signed by Khaled Mohamed Balama, Governor of the CBUAE, Timur Suleimenov, Governor of the National Bank of Kazakhstan, and Madina Abylkassymova, Chair of the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, aims to facilitate deeper collaboration across several critical areas. Under the agreement, the institutions will exchange expertise and supervisory information related to local financial markets, FinTech, and central bank digital currencies (CBDCs), particularly their use in cross-border transactions. The cooperation also extends to Islamic finance, cybersecurity, and broader technical development. Balama highlighted the MoU as a testament to the growing UAE–Kazakhstan economic partnership. 'This agreement opens new avenues for cooperation in the financial sector, supporting the UAE's broader economic and investment objectives,' he said. Suleimenov echoed this sentiment, emphasizing shared ambitions for sustainable development and financial innovation. 'Together, we aim to drive forward initiatives in CBDCs, payments, and banking to foster regional prosperity,' he stated. Abylkassymova noted the significance of this framework in enhancing regulatory practices. 'This partnership reflects our mutual commitment to building robust financial services and promoting trade and economic cooperation,' she added. The MoU marks a strategic step in unifying efforts to develop resilient financial systems, with both nations leveraging their strengths to navigate the evolving global financial landscape. News Source: Emirates News Agency
Al Etihad
09-04-2025
- Business
- Al Etihad
CBUAE signs MoU with National Bank of Kazakhstan, Agency of Kazakhstan for Regulation and Development of Financial Market
9 Apr 2025 13:28 ABU DHABI (WAM) Governor of the Central Bank of the UAE (CBUAE), Khaled Mohamed Balama, Governor of the National Bank of Kazakhstan, Timur Suleimenov, and Chair of The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, Madina Abylkassymova, signed a Memorandum of Understanding aimed at strengthening cooperation and information exchange in areas of mutual part of the MoU, the three parties will exchange information and expertise on best practices and regulations for developing local financial markets, FinTech, and promoting central bank digital currencies (CBDCs) and enabling their use in cross-border transactions among the participating MoU includes the sharing of supervisory information, facilitating cooperation in the areas of Islamic banking and finance, cybersecurity, and technical said that this MoU embodies the depth and strength of the economic partnership between the UAE and Kazakhstan, and opens broad prospects for the institutions to further develop this partnership in the commercial, investment, and financial sectors. The Central Bank's proactive approach expands cooperation with regional and international partners, deepening joint business opportunities in the financial and banking sectors to support the UAE's economic, trade, and investment goals."We look forward to close collaboration with our partners in Kazakhstan to enhance financial stability, develop the financial system, and achieve our mutual interests,' he in turn, stated, 'The collaboration between the Central Bank of the UAE and the National Bank of Kazakhstan aims to deepen economic partnerships and advance cooperation in finance, banking and CBDCs, driving sustainable development. We will use our expertise in financial technology and payment systems to achieve shared objectives and foster economic prosperity.' Abylkassymova said, 'We are pleased to sign this MoU with the Central Bank of the UAE, creating a framework for cooperation to enhance financial stability and regulatory practices in both jurisdictions. We commend the UAE's financial sector regulations and look forward to exchanging expertise to develop world-class financial services and strengthen market regulation, fostering economic and trade cooperation.'
Zawya
09-04-2025
- Business
- Zawya
CBUAE signs MoU with National Bank of Kazakhstan and The Agency of the Republic of Kazakhstan
Abu Dhabi: His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), His Excellency Timur Suleimenov, Governor of the National Bank of Kazakhstan, and Her Excellency Madina Abylkassymova, Chair of The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation and information exchange in areas of mutual interest. As part of the MoU, the three parties will exchange information and expertise on best practices and regulations for developing local financial markets, FinTech, and promoting central bank digital currencies (CBDCs) and enabling their use in cross-border transactions among the participating parties. The MoU includes the sharing of supervisory information, facilitating cooperation in the areas of Islamic banking and finance, cybersecurity, and technical cooperation. H.E. Khaled Mohamed Balama, Governor of the CBUAE, said: 'This MoU embodies the depth and strength of the economic partnership between the UAE and the Republic of Kazakhstan, and opens broad prospects for our institutions to further develop this partnership in the commercial, investment, and financial sectors. The Central Bank's proactive approach expands cooperation with regional and international partners, deepening joint business opportunities in the financial and banking sectors to support the UAE's economic, trade, and investment goals. We look forward to close collaboration with our partners in Kazakhstan to enhance financial stability, develop the financial system, and achieve our mutual interests.' H.E. Timur Suleimenov, Governor of the National Bank of Kazakhstan, said: 'The collaboration between the Central Bank of the UAE and the National Bank of Kazakhstan aims to deepen economic partnerships and advance cooperation in finance, banking and CBDCs, driving sustainable development. We will use our expertise in financial technology and payment systems to achieve shared objectives and foster economic prosperity.' H.E. Madina Abylkassymova, Chair of The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, said: 'We are pleased to sign this MoU with the Central Bank of the UAE, creating a framework for cooperation to enhance financial stability and regulatory practices in both jurisdictions. We commend the UAE's financial sector regulations and look forward to exchanging expertise to develop world-class financial services and strengthen market regulation, fostering economic and trade cooperation.'
