Fox News / Dow Jones Newswires: Belarus, Kazakhstan, Mongolia Add to Gold Reserves – IMF

Belarus, Kazakhstan and Mongolia all added to their gold reserves in the final month of 2011, wrapping up a strong year of central bank activity in the gold sector. Emerging market central banks have been buying gold in reaction to the sovereign debt crises affecting the dollar and the euro, analysts say. Demand has also risen strongly over the past year as some seek to diversify foreign exchange reserves that have grown along with emerging market export industries. “Central banks feel it appropriate and prudent to diversify when they see the opportunity,” said Jeffrey Nichols, senior economic advisor to Rosland Capital. To read the full article, click hereBelarus, Kazakhstan, Mongolia Add to Gold Reserves – IMF

This entry was posted in Mongolia News. Bookmark the permalink.

Comments are closed.