Gold and foreign exchange reserves of Kazakhstan increased

Deputy Chairman of the National Bank of the Republic of Kazakhstan Aliya Moldabekova told about the state of gold and foreign exchange assets of the National Bank and the dynamics of assets of the National Fund, reports with reference to the press service of the financial regulator.

"According to preliminary data, gold and foreign exchange reserves as of April 30 amounted to $ 34.2 billion, having increased by $ 690 million over the month. The growth in reserves occurred against the backdrop of an increase in the gold portfolio by $ 1.3 billion. The growth in the value of the valuable metal resumed due to a drop in US Treasury yields, in April the price rose from $ 1,685 to $ 1,769 per ounce, that is, by 5.0%. The price of gold continues to show high volatility. Since early May, amid the release of weak data on the labor market in the United States and the weakening of the dollar, gold quotes exceeded the mark of $ 1840 per ounce," Aliya Moldabekova said.

At the same time, according to her, assets in freely convertible currency decreased by USD 635 million. The main reasons were the decrease in STB deposits in the National Bank by USD 472 million and the repayment of the state debt by USD 88 million.

"The foreign exchange assets of the National Fund, according to preliminary data, amounted to USD 57.6 billion, having increased by USD 530 million over the month. The main reason for the growth of the National Fund's volume is investment income, which amounted to USD 1.1 billion in April, received mainly due to the recovery in the bond market and continued growth in the stock market. Thus, the growth of the stock portfolio in April amounted to about USD 700 million, the bond portfolio - USD 300 million and gold - USD 100 million", - told Moldabekova.

She noted that the growth of the National Fund's assets was also facilitated by receipts, which in April amounted to 122 billion tenge, including about 200 million US dollars in foreign currency. Since the beginning of the year, the volume of receipts to the fund amounted to 394 billion tenge.

"The volume of guaranteed and targeted transfers from the National Fund to the budget amounted to 333 billion tenge. For its implementation, assets from the National Fund in the amount of 788 million US dollars were sold in the foreign exchange market," Aliya Moldabekova concluded.
12:53, 13 May 2021

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