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Gold and FX reserves of the National Bank of Kazakhstan have grown by 15.8% (by $3.9 billion) since the start of the year, the Bank’s Press Service reports.
The regulator elaborated the figure grew by 1.2% in November alone, reaching $28.6 billion.
“Kazakhstan’s international reserves, including the assets of the National Oil Fund [accumulating windfall oil revenues] of $76.8 billion, grew by 0.3% in November to reach $105.4 billion”, the statement reads. Since the start of the year the international reserves, including the assets of the National Oil Fund, have grown by 10.3% ($9.9 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. As of July 2014 the assets stood at $76.757 billion.
As part of his Address to the Nation November 11, Kazakhstan’s President Nursultan Nazarbayev has instructed his Government to allocate another $3 billion annually for the following 3 years out of the National Oil Fund accumulating windfall oil revenues.
“The accumulated funds should be channeled at enhancing the nation’s wellbeing and they should be handled prudently. I commission to allocate an annual $3 billion in 2015, 2016 and 2017”, he said.
