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Assets of the current 38 second-tier Kazakhstan’s banks as of January 1, 2012 made up $86.5 billion, growing by 6.5% throughout 2011, Newskaz.ru reports, citing the National Bank. Foreign currency-denominated assets made up 34.5%. The banks’ loan portfolio (inclusive of interbank loans) totaled $70.5 billion as of January 1, 2012, growing by 15.2% in 2011. Foreign currency-denominated loans stood at 44.1% of the loan portfolio. Banks’ liabilities as of January 1, 2012 stood at $77.8 billion, 7.5% up. In a separate statement the National Bank reported that its gold and FX reserves grew by 15.2% in January, reaching $33.136 billion. Net FX reserves grew by 11.83% for the month (to $28.151 billion), with gold assets growing by 20.65% (to $5.008 billion). Assets of the National Oil Fund as of the end of January totaled $45.511 billion, 4.16% up against 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. In his 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. “We will have to borrow from the National Oil Fund to implement industrial projects. I believe it’s right. Let’s invest the money into the national economy rather than keep it with Western banks”, Nazarbayev said.
Assets of the current 38 second-tier Kazakhstan’s banks as of January 1, 2012 made up $86.5 billion, growing by 6.5% throughout 2011, Newskaz.ru reports, citing the National Bank.
Foreign currency-denominated assets made up 34.5%.
The banks’ loan portfolio (inclusive of interbank loans) totaled $70.5 billion as of January 1, 2012, growing by 15.2% in 2011. Foreign currency-denominated loans stood at 44.1% of the loan portfolio.
Banks’ liabilities as of January 1, 2012 stood at $77.8 billion, 7.5% up.
In a separate statement the National Bank reported that its gold and FX reserves grew by 15.2% in January, reaching $33.136 billion.
Net FX reserves grew by 11.83% for the month (to $28.151 billion), with gold assets growing by 20.65% (to $5.008 billion).
Assets of the National Oil Fund as of the end of January totaled $45.511 billion, 4.16% up against 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.
In his 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.
“We will have to borrow from the National Oil Fund to implement industrial projects. I believe it’s right. Let’s invest the money into the national economy rather than keep it with Western banks”, Nazarbayev said.
