January – September net gold and currency reserves figures announced
Photo courtesy of deswal.ru
Net gold and currency reserves of the National Bank of Kazakhstan grew by 15.19% from January to September, reaching $31.921, the National Bank reported October 6. In September alone the figure decreased by 9.96%: currency reserves decreased by 10.17%, with gold reserves growing by 6.67%. Assets of the National Oil Fund as of the end of September stood at $40.018 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. 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.