January – August net gold and currency reserves figures announced

Net gold and currency reserves of the National Bank grew by almost 28% for the first 7 months of 2011, making up $35.5 billion, Itar-Tass reports, citing the Bank’s Press Service. According to the National Bank, the net gold and currency reserves dropped by 2.67% in August, with currency reserves falling by 4.27% and gold reserves growing by 13.16%. Assets of the National Fund as of the end of August stood at $40.35 billion, 30.25% up from 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. Assets of the National Fund as of the end of July totaled $38.72 billion. At the start of the year the figure made up $30.6 billion. Assets of the National Oil Fund are expected to grow to $72.5 billion by 2015, 30% of the nation’s GDP, Bnews.kz had quoted Minister of Economic Development Kairat Kelimbetov as saying at the government sitting August 27.