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Kazakhstan’s international reserves, including gold and FX reserves of the National Bank and the assets of the National Oil Fund grew from $95.222 billion to $99.304 billion from January to March 2014, according to the country’s National Bank.
The gold and FX reserves of the National Bank for the period grew by 7.45% to reach $26.517 billion, with the assets of the National Oil Fund growing by 3.18% for the period to reach $72.787 billion.
February 14 Kazakhstan’s President Nursultan Nazarbayev instructed his Cabinet to allocate $5.4 billion out of the National Oil Fund [accumulating oil windfall revenues] in 2014-2015 as “long money” for the country’s economy. According to Nazarbayev, the funds should be channeled to provide loans to small and middle-sized businesses in processing industries as well as to industrialization projects.
Assets of the National Oil Fund will exceed $122 billion by 2016, Newskaz.ru reported, citing the country’s Minister of Economic Affairs and Budget Planning Erbolat Dossayev as saying on the sidelines of a government sitting August 28, 2013.
“With the oil revenues at the planned level, the assets of the National Oil Fund will rise from $93.9 billion in 2014 to $122.1 billion in 2016”, the Minister said when presenting the 2014-2016 draft country’s budget at that time.
As of August 1, 2013 the assets of the National Oil Fund stood at $64.343 billion (11.39% 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.
