ASTANA(BullionStreet) : Nearly a month after announcing plans to raise the amount of gold it holds as part of its international reserves, Kazakhstan’s gold reserves grew to $5.4 billion in July.

Country’s central bank however said, net gold and foreign currency reserves fell to $28.5 billion as of July 31 from $31.8 billion on June 30.

The Central Asian nation’s total international reserves, which also include the National Fund replenished by windfall revenues from oil exports, stood at $81.7 billion at the end of July, the bank said.

It said Kazakhstan’s net foreign currency reserves totalled $23.6 billion in July, having decreased by $3.6 billion compared to the end of June.

Early last month, Kazakhstan announced plans to raise the amount of gold it holds as part of its international reserves to 20 percent from 15 percent.

The central bank is planning to buy 24.5 metric tons of gold this year, said the statement.

Its 98.2 tons held by April made Kazakhstan the 35th largest official sector owner of gold, between Poland and Australia, according to the World Gold Council, citing International Monetary Fund data.

Kazakhstan’s gold holdings expanded by 16.2 tons this year through April, IMF data show. Central banks added 456.4 tons last year, the most in almost five decades, and will buy as much as 400 tons this year, the London-based World Gold Council says.

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