By purchasing 86 tons of net gold in the first 7 months of the year, the CBRT became the central bank that bought the most gold in the world by far. In net purchases, the Central Bank of Egypt followed the CBRT with 44.3 tons.
Globally, central banks purchased 37 tons of net gold in July, well below the 64-ton net purchase in June.
The central bank that made the most net purchases in July was the Central Bank of Qatar with 15 tons. Qatar was followed by India with 13 tons, Turkey with 11 tons and Uzbekistan with 9 tons of net purchases. The biggest net sales in the month in question came from Kazakhstan with 11 tons.
With the latest data, the net gold purchases of central banks worldwide in the first 7 months of the year amounted to 307 tons.
Apart from the list of countries, the International Monetary Fund (IMF) stood out with 2,814 tons of gold, while the European Central Bank (ECB) was ahead of many countries with its 504.8 tons of gold reserves.
With its gold reserves of 469.3 tons, Turkey ranked 11th in the league of countries and 13th in the general ranking.
USA first, Russia uncertain
The US Federal Reserve (Fed) has the world’s largest official gold reserves with 8,133 tons, followed by Germany with 3,355 tons. The World Gold Council stated that since January 2022, reliable data on Russia’s official reserves could not be obtained.