Kazakh national bank to up gold purchases in 2003

The Kazakhstan National Bank plans to increase gold purchases on the domestic market in 2003. The Bank's net gold and foreign currency reserves totalled 2.981bn dollars in December 2002.

The Kazakhstan-Today news agency said that the bank's decision was prompted by amendments to legislation imposing 0-per-cent VAT on operations with gold which are related to monetary policy, which took effect from 1 January.

The news agency noted that the Kazakh National Bank bought only 122 kg of gold in 2002

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