Net gold and currency reserves grow

Net gold and currency reserves of the Kazakhstan’s National Bank grew by 31.44% from January to July, making up $36.3 billion as of the end of July, the National Bank reports. In July alone the figure grew 6.94%. Assets of the National [Oil] Fund as of the end of July totaled $38.72 billion. At the start of the year the figure made up $30.6 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.