ASTANA – Kazakhstan’s net international reserves exceeded $45 billion in January, increasing by 3.29% over the month and by 29.7% over the year, according to statistics from the National Bank (NBK), published on Feb. 11.
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Net international reserves represent the difference between gross reserves and the NBK’s foreign currency liabilities. Gross reserves, in turn, consist of foreign currency assets and gold reserves.
In January, gross international reserves reached $47.1 billion. Foreign currency assets totaled $21.3 billion, and gold reserves – $25.8 billion. The increase was driven by growth in gold reserves.
Meanwhile, the National Fund’s foreign exchange assets decreased 0.56% to $58.5 billion. Thus, Kazakhstan’s net international reserves, including the National Fund’s assets, reached $103.5 billion.
The NBK builds reserves through domestic currency market operations, purchasing excess foreign currency earned by exporters and attracted from foreign investors that are not in demand by importers and investors.
Acquired funds are either held in foreign accounts or invested in liquid assets and gold. These reserves help maintain the tenge exchange rate and cover balance-of-payments deficits when needed.
