NBK International Reserves Grew Moderately In September
Gross international reserves of the National Bank increased by $0.7bn to $31.4bn in September, an increase of $3.5bn since the start of the year.
Gross international reserves of the National Bank increased by $0.7bn to $31.4bn in September, an increase of $3.5bn since the start of the year. Foreign currency assets rose by $426mn, + $520mn for the first nine months. Due to slight increase in value and volume, assets in gold increased by $282mn, an increase of $3bn since the beginning of the year.
On net basis, NBK interventions on the foreign exchange market had shown null in September.
On the back of favorable oil prices, which grew by 6%, Tenge appreciated by 1.4% mom against USD in September, reaching peak levels of this year. In turn, foreign exchange trading volumes on the KASE and in the over-the-counter market fell.
NBK international reserves continue to grow, mainly due to the growth in gold stocks, while foreign currency assets have increased only marginally since the beginning of the year. It should be noted, that the assets in gold in total reserves of the NBK already exceed one-third, which is, for example, two times higher than the same figure for Russia. In relative terms, gold is now equal to almost 9% of GDP and its further accumulation in the NBK reserves will be problematic.