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Central Bank Governor on international reserves

11 april 2012, 17:50
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Photo courtesy of deswal.ru
Photo courtesy of deswal.ru
Kazakhstan’s net international reserves (excluding assets of the National Oil Fund) in March 2012 decreased by 8.79% against February to make up $31.753 billion, with the figure growing by 10.39% since the start of the year, KazTag Agency reports, citing the National Bank’s Press Service.

The National Bank Head Gregory Marchenko told at the press conference April 11 that the net international reserves figure had decreased “due to sales of $1.5 billion to the National Oil Fund by the National Bank”.

According to Mr. Marchenko, in January the National Bank almost didn’t resort to currency interventions; however, in February the Bank purchased $1.2 billion, purchasing another $200 million in March. Currency intervention, also known as exchange rate intervention or foreign exchange market intervention, is the purchase or sale of currency on the exchange market by the monetary authority, i.e. the central bank, in order to influence the value of the home currency on the foreign exchange market. “In the Q1 2012 the net currency interventions amounted to $1.4 billion”, Mr. Marchenko said.

According to the National Bank, the assets of the National Oil Fund in March totaled $48.277 billion, 1.95% up against February. The National Fund of Kazakhstan was created in 2000 as a stabilization fund that accumulates windfall revenues from oil sales and ensures the economy of Kazakhstan will be stable against the price swings of oil. The assets of the National Fund assets are monitored by the National Bank of the Republic of Kazakhstan. As of February 1, 2012, assets of the National Oil Fund made up $45.5 billion.

The National Bank’s FX assets made up $27.155 billion, 9.7% down against February.
The Bank’s assets in gold decreased by 2.77% to $5.134 billion.

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