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.
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.
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.