National Bank’s Gold Reserves Experience Slight Decrease in June

NUR-SULTAN – For June this year, the gross international reserves of the National Bank of Kazakhstan decreased by 2.3 percent reaching $32 billion, reported the bank’s press service on July 28.

The National Bank of Kazakhstan. Photo credit: 24.kz

According to preliminary data, the decrease was caused by a withdrawal of client funds from the bank’s foreign currency accounts, as well as a drop in the price of gold.

By the end of June, the country’s international reserves reached $83.9 billion, including the National Fund’s assets in foreign currency ($51.9 billion).

In the same period, the monetary base expanded by 8.2 percent, reaching 10.7 billion tenge (US$22.4 million).

As for the narrow money, a monetary base excluding term deposits of second-tier banks in the National Bank, it increased by 0.8 percent and reached 7 billion tenge (US$14.7 million), which is 2.2 percent more since the beginning of this year.

The money supply expanded by 7.4 percent, totaling 30.4 billion tenge (US$63.7 million) – a 1.1 percent year-to-date increase.

The currency in circulation in Kazakhstan also increased by 6 percent up to 3.3 billion tenge ($6.9 million), which is 8.8 percent more since the beginning of the year.

 


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