Kazakhstan’s international reserves figure announced 19 января 2012, 15:01
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Windfall oil revenues accommodated in the National Oil Fund. Photo courtesy of PM Karim Massimov’s webpage.
Kazakhstan’s international reserves, including those of the National Oil Fund, from January to November 2011 grew by 27.3%, making up $75.4 billion, Tengrinews.kz reports, citing the official web page of the PM Karim Massimov.
He noted that the figure had been augmenting in recent years despite the fact that during the financial crisis of 2008-2009 $8.1 billion out of the National Oil Fund was injected into the country’s economy as a measure of support.
Besides, back in 2010 President Nazarbayev approved of the new concept of the National Oil Fund designed to secure certain independence of the country’s budget of the windfall oil revenues and redistribute the oil wealth among generations to come.
Overall banks’ loans from January to November 2011 grew by 14.4%, making up $58.2 billion. Residents’ deposits with banks for the period increased by 12.4% to $56.9 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.