Kazakhstan’s international reserves grow to $85.5 billion

Kazakhstan has seen its international reserves grown up to $85.5 billion. This was announced by the country’s Central Bank Governor Gregory Marchenko when discussing the draft budget at the extended sitting of the Nur Otan fraction October 5. ‘Stability of the national currency enabled the National Bank to boost the country’s international reserves. Since the start of the year $2.2 billion has been channeled to fill the National Oil Fund. As of the end of September international reserves stood at $85.5 billion, which is 17.2% up against December 2011. Gold and FX reserves of the National Bank alone make up about $30 billion”, Mr. Marchenko said. 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. In his latest State of the Nation Address [January 27], President Nazarbayev suggested the National Oil Fund money be used in the form of loans to the national economy rather than kept with foreign banks.