Qazkom Bargain Was Main Reason Of Reduction Of International Reserves Of Kazakhstan In July

Kazkommertsbank (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated July 5, 2017: quote JSC Kazkommertsbank (hereafter – "KKB") hereby announces on completion of transactions whereby by JSC Halyk Bank (hereafter – "Halyk Bank") acquires common shares of Kazkommertsbank held by Mr. Kenges Rakishev and JSC Sovereign Wealth Fund Samruk-Kazyna subject to the terms of the sale and purchase agreements signed on 15 June 2017. As a result as of 5 July 2017 Halyk Bank holds 96.81% ordinary shares in Kazkommertsbank.

The bargain between Halyk Bank of Kazakhstan and Kazkommertsbank (Qazkom) has resulted in reduction of the volume of international reserves of Kazakhstan in July 2017, said the press-service of the National Bank of Kazakhstan.

“Change of the volumes of international reserves of the National Bank and the assets of the National Fund was mainly resulted by performance of the deal between Halyk Bank of Kazakhstan and Kazkommertsbank,” said the message.

Reduction of the assets of the National Fund is connected with allocation of the target transfer in the republican budget for performance of the deal, while increase of the international reserves of the National Bank is connected with conversion of this volume from the foreign currency into tenge.

Change of assets of the National Fund was caused by conversion of the foreign currency on the currency market for allocation of guaranteed and target transfer.

“The dynamics of the international reserves of the National Bank was also affected by inpayment of currency into government accounts in the National Bank, increase in balances at the correspondents’ accounts of banks in foreign currency, operations for replenishment of assets of the National Fund, servicing of the external debt of the Government, as well as completion of some currency-interest swaps with the banks,” said the message.

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