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Kazakhstan's Q1 gold and FX reserves announced

05 april 2013, 17:11
0
Photo courtesy of deswal.ru
Photo courtesy of deswal.ru
Kazakhstan’s National Bank’s net gold and FX reserves fell 0.65% from January to March 2013 to make up $27.654 billion, Newskaz.ru reports, citing the National Bank’s Press Service.

In March the figure grew by 5.52%.

Gold assets for the Q 1 grew by 2.98% to $6.331 billion, with FX assets falling by 1.7% down to $21.755 billion.

According to the National Bank, the National Oil Fund’s assets as of April 1, 2013 stood at $59.806, 3.53% up against the start of the year.

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 State of the Nation Address [January 27, 2012], 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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