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Kazakhstan reports rise in international reserves

9 July 2020 11:42

ALMATY. KAZINFORM - According to Aliya Moldabekova, deputy chair of the National Bank of Kazakhstan, the country's national reserves have jumped to 32.9 billion dollars, Kazinform correspondent reports.

Moldabekova said there had been a 13.5% or $3.9bn rise in international reserves of the country. As of June, international reserves have amounted to $32.9 billion, increasing by $1.3bn last month. According to her, such a jump is attributed to the rising prices of gold and the increase in currency assets.

In her words, the demand for gold as an investment asset is on the rise, with gold prices rising by 18% from $1,521 to $1,800 per ounce since the beginning of 2020.

According to the current data, the National Fund's currency assets have dropped by $0.75 billion and amounted to $57.7 billion.

The National Fund's assets worth $1.4bn have been sold to carry out transfers to the country's national budget. The Fund's investment revenue was $690 million in June, Moldabekova said. Other figures include a 2.6% growth in the stock market, a 0.5% growth in the bond market, and a 2.6% rise in gold prices.

The tenge has risen by 1.7% and settled at 404.70 against the US dollar by late June, she stated.

In line with the Head of State's instruction, selling of some foreign exchange earnings by the quasi-public sector has been extended until the end of the year, with the sales totaling $612 million as of June 30.

Keywords: Economy, Kazakhstan,