Kazakh FX/gold reserves shrink by 3.89% to $28.073 in 2015

By bne IntelliNews January 14, 2016

Gross FX/gold reserves decreased by 1.08% m/m, reaching $28.073bn at the end of 2015, the National Bank of Kazakhstan (NBK) announced on January 13. Since the beginning of the year, reserves decreased by 3.89%.

The detailed picture shows that gold reserves increased by 2.07% m/m and grew by 2.45% y/y to $7.576bn. This is a result of higher global gold prices. On the other hand, gross foreign currency reserves went down by 2.2% m/m and by 6.04% y/y. The value of foreign currency reserves reached $20.497bn. The decrease in reserves in December suggests that despite its pledge to minimise interventions in the foreign exchange market, the NBK might have supported the Kazakh currency, which depreciated by 10.7% m/m to settle at KZT340.5 to the dollar on December 31.

At the same time, the reserves of the National Oil Fund went down by 1.14% m/m to $63.508bn. Since the beginning of the year, the National Oil Fund’s reserves declined by 13.29%. This is a result of both low global oil prices, which cut Kazakhstan’s revenues from oil exports, and changes in the way the government uses resources from the fund to implement various state programmes.

In total, Kazakhstan reserves went down from $102.452bn as of the end of 2014 to $91.581bn as of the reported date. This is mainly the result of the NBK’s burning money policy to support the tenge. 

Related Articles

China to provide $250mn for new Tajik parliamentary building

China is to provide $250mn for the construction of a new and expensive parliamentary building in Tajikistan, CA-News reported on July 20. Tajikistan is ... more

Creditors of Turk Telekom’s owner Saudi Oger reportedly in talks to sell its 55% stake

Some creditor banks of struggling Saudi construction giant Oger’s Dubai-based unit Oger Telecom are in unofficial talks to sell its 55% stake in Turkey’ largest telecom operator Turk ... more

Ukraine injects another €760mn into nationalised PrivatBank

The Ukrainian authorities have issued domestic government bonds in the amount of UAH22.5bn (€759mn) in exchange for the bank’s shares as part of the additional capitalisation of nationalised ... more

Dismiss