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Wednesday, September 16, the country’s Central Bank had to resort to currency interventions worth $114 million to sustain the tenge exchange rate.
Kazakhstan’s Minister of Finance Bakhyt Sultanov answered questions of foreign guests at the VII Astana Economic Forum concerning the measures Kazakhstan had been undertaking amidst unstable oil prices.
As of April 1, 2015 Kazakhstan’s international reserves stood at $98.8 billion, including $29.1 billion in gross gold and FX reserves of the Central Bank and $69.7 billion in assets of the National Oil Fund.
According to him, back in 2014 the country’ economy accumulated certain margin of safety. The country’s gold and FX reserves reached $102 billion, including $73 billion with the National Oil Fund.
Gold and FX reserves of the National Bank have grown by 15.8% since the start of the year.
Experts talk about tasks set by Nazarbayev in his State-of-the-Nation Address and allocation of additional $3bln in the next three years.
The time has come for us to rely on the funds to the benefit of the country’s people, protecting the nation from the imminent crisis: President Nazarbayev.
Amidst the global economic conditions, without some extra injections into the national economy it will be hard to reach the set goals (…) the time has come to tap into the Fund’s assets, the President said.
Kazakhstan’s international reserves, including the gold and FX reserves of the Central Bank and the assets of the National Oil Fund grew from $95.507 to $103.754 billion from January to July 2014.
The gold and FX reserves of the Central Bank grew by 7.1% to reach $26.471 billion from January to June 2014, with the assets of the National Oil Fund growing by 8.21% to reach $76.607 billion.
One of the sources to boost the country’s economy growth will be $5.5 billion out of the National Oil Fund to be allocated in 2014 and 2015, Minister of Economic Affairs Yerbolat Dossayev said April 14.
The vehicle will be buying out toxic assets from the country’s banks. Regulating rules will be formulated by July 1, 2014.
One of the sources to boost the country’s economy growth will be $5.5 billion out of the National Oil Fund to be allocated in 2014 and 2015: Minister of Economic Affairs.
The gold and FX reserves of the National Bank for the period grew by 7.45% to reach $26.517 billion, with the assets of the National Oil Fund growing by 3.18% for the period to reach $72.787 billion.
As of the end of 2013, the share of NPLs throughout the country’s banking sector stood at 31.2%. According to Fitch Ratings, in February the indicator grew to 33%.
Amid adjustments of microeconomic indicators for the year 2014 the Kazakhstan Government has revised its budget.
February 14 Kazakhstan’s President Nursultan Nazarbayev instructed his Cabinet to allocate $5.4 billion out of the National Oil Fund [accumulating oil windfall revenues] in 2014-2015 as “long money” for the country’s economy.
After the devaluation of tenge by 19% earlier this week, the National Fund of Kazakhstan decided to allocate $5.4 billion to support local business.
The country’s international reserves, including assets of the National Oil Fund [accumulating windfall oil revenues], increased by 7.4% since the start of the year, reaching $92.4 billion: Central Bank Governor.
The annual transfer [to complement the country’s budget] from the National Oil Fund will make up about $9 billion.