Kazakhstan increases gold, foreign currency reserves

Nov. 21. Trend

By Elena Kosolapova

Kazakhstan increases gold, foreign currency reservesKazakhstan’s international reserves including assets of the National Fund in foreign currency (according to preliminary data, $76.8 billion) increased by 0.9 percent to $105.1 billion in Oct., Kazakh National Bank reported on Nov. 21.

Since the beginning of the year the international reserves of the country increased by 10.1 percent.

Gross international reserves of Kazakh National Bank increased by 1.1 percent to $28.3 billion in October. Growth of the bank’s gross international reserves since the beginning of 2014 hit 14.4 percent.

Net international reserves of Kazakh National Bank increased by 1.3 percent in Oct. and by 13.7 percent since the beginning of the year to $27.5 billion.

The growth resulted from the currency receipt by the accounts of Kazakh Government in the National Bank and increase in balances on correspondent foreign currencies accounts, but was partially offset by the sale of currency in the domestic foreign exchange market, transfers of funds from the gold and foreign currency reserves to the National Fund assets and payments of the external national debt.

Net gold and foreign currency reserves increased by 2.6 percent in Oct. 2014, assets in gold decreased by 2 percent.

The monetary base shrank by 0.8 percent in Oct. and amounted to 3.7236 trillion tenge (180.87 tenge = $1).

Meanwhile since the beginning of the year the monetary base expanded by 31.8 percent. Narrow monetary base, i.e. monetary base excluding term deposits of banks of the second level in the National Bank, increased by 2.2 percent to 3.6544 trillion tenge.

http://en.trend.az/casia/kazakhstan/2336207.html

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