The Governor of the Central bank of Kyrgyzstan wants for every citizen in his country to own at least 100 grams (3.5 ounces) of gold as a way to protect their savings.
Speaking to Bloomberg, Tolkunbek Abdygulov said it is his “dream” for every citizen to own at least 100 grams of gold, Kyrgyzstan’s biggest export.
It is a brave move for the central Asian nation to encourage its citizens to shift savings from cattle to gold, and protect themselves against risks such as financial crisis, currency wars and currency debasement on a grand scale.
Abdygulov said “Gold can be stored for a long time and, despite the price fluctuations on international markets, it doesn’t lose its value for the population as a means of savings. I’ll try to turn the dream into reality faster.”
Abdygulov said the central bank had sold around 140 kilos of gold to the domestic population.
Kyrgyzstan’s output is at about 20 tons a year, the central bank uses the national currency, the som, to buy gold mined locally, which can then be sold abroad if needed.
Gold broke above the $1,200 mark in trading in January, spurred on by President Donald Trump’s volatile first 10 days in power.