NBK International Reserves Showed A Slight Increase In December 2016

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According to the data published by the National Bank, NBK international reserves, after two months of contraction by 2.7% on average, at the end of the year showed a slight increase of $0.2 billion (0.7% mom) and amounted to $29.8 billion. This increase was due to an increase in foreign currency assets by $301 million (1.5% mom), and was slightly adjusted by a decline in gold assets by $106 million (-1.1% mom), because of the fall in the market price (-2.1% mom).

According to the data published by the National Bank, NBK international reserves, after two months of contraction by 2.7% on average, at the end of the year showed a slight increase of $0.2 billion (0.7% mom) and amounted to $29.8 billion. This increase was due to an increase in foreign currency assets by $301 million (1.5% mom), and was slightly adjusted by a decline in gold assets by $106 million (-1.1% mom), because of the fall in the market price (-2.1% mom).

Overall for the year, the NBK reserves increased by $1.9 billion due to the significant growth of assets in gold by $2 billion (26.9% yoy) with a small fall in foreign currency assets by $1.6 million (-0.8% yoy). In the period from September NBK carried out no interventions in the market on net basis.

The assets of the National Fund in December showed almost zero growth, amounting to a total of $61 billion (+0.1% mom), while for the past three months, there was a decrease (the maximum for the year occurred in October at $2.6 billion, -4.1 % mom). During the year, NF assets fell by $2.4 billion
(-3.7% yoy, in 2015 there was an increase of assets by 4.3% yoy), and the significant decline occurred during the 2nd half of 2016. This occurred probably because of the almost double use of NF funds in 2H2016 through transfers (KZT 1 trillion in H1 against KZT1.8 trillion in the 2nd half of the year) and significantly smaller amount of inflows to NF in the second half of the year.

Contingent and predetermined liabilities shrinked by 9.2% mom and 9.9% mom, in November has been an increase of mainly due to increase in short positions in forwards and futures in foreign currencies, so its weight in international reserves of the NBK rose to 31%.

The assets of the National Fund in December showed almost zero growth, amounting to a total of $61 billion (+0.1% mom), while for the past three months, there was a decrease (the maximum for the year occurred in October at $2.6 billion, -4.1 % mom). During the year, NF assets fell by $2.4 billion
(-3.7% yoy, in 2015 there was an increase of assets by 4.3% yoy), and the significant decline occurred during the 2nd half of 2016. This occurred probably because of the almost double use of NF funds in 2H2016 through transfers (KZT 1 trillion in H1 against KZT1.8 trillion in the 2nd half of the year) and significantly smaller amount of inflows to NF in the second half of the year.

Contingent and predetermined liabilities shrinked by 9.2% mom and 9.9% mom, in November has been an increase of mainly due to increase in short positions in forwards and futures in foreign currencies, so its weight in international reserves of the NBK rose to 31%.

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