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Aggregated international reserves of Kazakhstan comprising the gold and FX reserves of the Central Bank and assets of the National Oil Fund grew from January 2014 to June 2014 from $95.507 billion to $103.078 billion, according to the Central Bank’s Press Service.
The gold and FX reserves of the Central Bank grew by 7.1% to reach $26.471 billion for the period, with the assets of the National Oil Fund growing by 8.21% to reach $76.607 billion.
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.
Tengrinews.kz reported earlier this year that $2.7 billion out of the National Oil Fund is to be allocated in 2014 to stimulate the country’s economy growth.
