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National Bank Increases Its Gold and Foreign Currency Reserves

Due to soaring gold prices, the bank's reserves have risen in July by $2.4 billion

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The gold and foreign currency reserves of the National Bank of Kazakhstan increased by 7.3% (or $ 2.4 billion) to $ 35.3 billion in total. According to Yerbolat Dossayev, Chairman of the National Bank, this happened because of the rise in gold prices.

As the National Bank official noted, the gross international reserves of Kazakhstan increased by 3.2% and amounted to roughly $93.5 billion as of the end of July.

The assets of the National Fund have amounted to $58.2 billion with a growth of $0.5 billion (+ 0.9%) over the month due to the $1.6 billion of investment income received in July. At the same time, $1.1 billion of the National Fund assets were converted in order to allocate a guaranteed transfer to the state budget.

Earlier in July, gold futures for the month of October exceeded the mark of $2,000 per ounce for the first time, setting a historic record.
 

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