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Kazakhstan investments into the US economy stand at $41 billion: Central Bank Governor

24 may 2012, 15:54
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Central bank Governor Gregory Marchenko. Vladimir Dmitriyev ©
Central bank Governor Gregory Marchenko. Vladimir Dmitriyev ©
Kazakhstan has invested into the US economy a total of $41 billion, Newskaz.ru reports, citing the Kazakh Central Bank Governor Gregory Marchenko as saying May 24.

“Given the sizes of the tow economies, this figure seems somewhat unexpected”, Mr. Marchenko said when speaking at the V Astana Economic Forum.

He reminded that US companies have directly invested into the Kazakh economy $22 billion, with the overall US investments into the Kazakh economy since Kazakhstan gained independence standing at $38 billion.

“As far as Kazakh investments into the USA are concerned, $5 billion has been invested by the private sector, banks and pension funds, with treasury notes accounting for most of the invested funds”, he said.

Among investors into the US economy he listed the country’s National Oil Fund. “That is another reason why the state of the two financial systems [of the USA and Europe] is of paramount importance to us”, he elaborated.

In an interview following his public speaking he specified that about $36 out of the $41 billion invested into the US economy are “investments of the National Oil Fund and the National Bank” as of January 1, 2012.

He added that “the overall assets of the National Oil Fund coupled with the nation’s gold and FX reserves make up over $85 billion”.

According to him, Kazakh investments into the German economy stand at $6 billion dollars, with direct German investments into the Kazakh economy standing at $1 billion as of January 1, 2012.

“Kazakh investments into the USA and Germany exceed those of these countries into the Kazakh economy (…) you can make respective conclusions”, he emphasized.

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.

In his latest State of the Nation Address [January 27], President Nazarbayev suggested the National Oil Fund money be used in the form of loans to the national economy rather than kept with foreign banks.

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