site.news_by_theme National Fund

The annual transfer from the National Oil Fund to the national budget in crisis years may grow from $6.8 to $9.2 billion.

As of February 1, 2012, assets of the National Oil Fund made up $45.5 billion.

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.

He also stressed that according to the National Bank’s estimates, in 2012 funds of the National Oil Fund may not be needed for such projects.

According to him, the major issue how to manage the funds. The management, in its turn, will depend on possible manifestations of the anticipated crisis.

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.

Let’s invest the money into the national economy rather than keep it with Western banks: Nazarbayev.

The figure has been augmenting despite the fact that during the financial crisis of 2008-2009 $8.1 billion out of the National Oil Fund was injected into the country’s economy as a measure of support.

We are cautious when managing the assets and I believe the National Bank has been doing it with professionalism: Gregory Marchenko.

The figure made up $32.065 billion.

A total of $10 billion out of the Fund was spent to combat the crisis of 2008-2010.

Assets of the National Oil Fund as of the end of September stood at $40.018 billion.

Assets of the National Fund alone as of the end of August stood at $40.35 billion, 30.25% up from the start of the year.

Assets of the National Fund as of the end of July totaled $38.72 billion.

The state had better take some measures to protect the nation against slump of prices [for commodities that ensure most of the budget revenues]: Labor Ministry.