Domestic purchases boost Kazakhstan Gold reserves
Country's central bank, National Bank said gold and currency reserves of the bank made $30 billion and assets of the National Fund made $50.5 billion from January to October.
ASTANA(BullionStreet): Kazakhstan announced 30 percent increase in it's gold and forex reserves this year.
Country's central bank, National Bank said gold and currency reserves of the bank made $30 billion and assets of the National Fund made $50.5 billion from January to October.
National Bank said starting from the beginning of this year international reserves of the country, including the foreign currency reserves of the National Fund, have increased by 17.2 percent and made $80.5 billion.
In line with a presidential decree, last year the National Bank was given a priority right to purchase fine gold in bars inside the country.
In this relation, the share of gold in the gold and currency reserves of the National Bank grew almost 30 percent starting from the beginning of this year, the bank said.
Thanks to this, Kazakhstan’s safety factor and ability to maintain the economy’s sustainability is growing, according to Tadzhiyakov.
Amid the managed floating exchange rate regime, Kazakh tenge rate has been fluctuating from 147 to 150 tenge per 1 US Dollar this year.
Weakening of tenge versus US Dollar made only 1.1 percent. The monetary base increased by 7.8 percent, reached 10.5 trillion tenge ($70 billion).
Sumber : Google
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