Kazakh Central Bank Cuts Share of Dollars in Foreign Reserves

Dec. 14. Bloomberg

By Nariman Gizitdinov

Kazakhstan’s central bank cut the share of dollars in the “investment portfolio” of its currency and gold reserves by 5 percent in favor of euro-denominated assets.

The central bank’s board decided at the end of November to reduce the dollar share of the reserve portfolio, the bank said today in an e-mailed response to questions. The bank didn’t specify the size of the investment portfolio within its reserves, whose net value rose 15.3 percent in November to $23.3 billion. It also didn’t specify the share of dollar assets in the portfolio.

Kazakhstan’s total gold and currency reserves at the end of November were held in 60.6 percent dollars, 14.8 percent euros, 4.4 percent pounds, 5.5 percent yen, 2.2 percent Australian dollars, 12.22 percent gold assets and 0.28 percent in other currencies, the bank said.