Gross foreign exchange and gold reserves increased by 1.62% m/m, reaching $28.65bn as of November 1, the National Bank of Kazakhstan (NBK) has announced. Since the beginning of the year, reserves decreased by 1.88%.
The detailed picture shows that gold reserves increased by 3.62% m/m and by 7.95% ytd to $7.983bn. This is a result of both higher global gold prices sparked by political uncertainty, as well as the NBK’s active buying of the precious metal. Gross foreign currency reserves went up by 0.87% m/m to $20.676bn. Since the beginning of the year, the bank's reserves shrank by 5.22%.
At the same time, the reserves of the National Oil Fund slid by 5.95% m/m to $63.882bn. In monetary terms, reserves decreased by around $4bn.
The data indicates that the NBK was mainly spending the National Oil Fund's assets to prop up the tenge after it departed from the free-floating exchange regime in September. According to the NBK's statement from November 5, the central bank spent $5bn on interventions in the market starting from September 16. On November 2, the bank's former Governor Kairat Kelimbetov was replaced with Daniyar Akishev who declared the re-adoption of free-floating exchange regime policy sending the tenge to new lows.
The tenge touched a historical low of KZT312.65 against the dollar in November 9 morning trading, but has since strengthened to KZT306.74 on November 11.
The European Central Bank governing council met in the Latvian capital Riga on June 14 with the host, the beleaguered governor of Latvijas Banka Ilmars Rimsevics, not attending. Rimsevics ... more
A one to two-notch downgrade is implied for Turkey by the spread on its sovereign USD eurobond due 2028, Raiffeisen Bank International (RBI) said on June 12. In a note to investors, RBI analyst ... more