Astana (TDI): Kyrgyzstan has signed a major gold export deal with Malaysia, agreeing to sell 300 kilograms of refined gold for approximately $36 million.
The agreement was signed during President Sadyr Zhaparov’s official visit to Malaysia.
According to a statement by Kyrgyzaltyn OJSC, the state-run mining company, the deal was formalized with Malaysian firm Public Gold Marketing Sdn. Bhd.
Under the agreement, Kyrgyzaltyn will supply 300 kilograms of refined gold, packaged in 1-kilogram bars, throughout 2025.
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The total value of the transaction is estimated at $36 million. Of this, 50 kilograms have already been delivered, earning Kyrgyzstan $5.6 million.
The memorandum also paves the way for broader collaboration in how gold is marketed.
Kyrgyzaltyn is particularly interested in studying how the Malaysian company sells gold, including its use of vending machines that allow people to buy gold bars without face-to-face interaction.
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Officials view the agreement as a milestone for Kyrgyzstan’s trade outreach in Southeast Asia and an opportunity to boost the global profile of Kyrgyzaltyn in ASEAN markets.
In a related development, Mongolia is also moving to strengthen its gold reserves.
The Mongolian government is preparing to launch the nationwide “Gold-3” Campaign, aimed at boosting foreign exchange reserves, stabilizing the tugrug, and easing pressure on the balance of payments.
A resolution on the matter will soon be tabled before the State Great Khural for approval.
Farkhund Yousafzai is an Associate Editor at The Diplomatic Insight.
