Net international reserves grew to $1.677 bln

/IRBIS, May 17, 00/ - The press-release of the National Bank of Kazakhstan of #017 states that gross international reserves in the first half of May 2000 grew to $2.009 bln and the net reserves grew to $1.677 bln that is in current prices increase by 5.1% and 7.1% correspondingly. It is reported that growth in international reserves by $101.9 mln was conditioned by increase in foreign exchange reserves by $99.3 mln and gold assets by $2.7 mln. Remarkably, the growth in foreign exchange reserves was maintained mostly due to floatation of the fourth euronotes emission ($124 mln) and because of National bank operations on the domestic foreign exchange market. However, foreign debt servicing has led to decrease of international reserves. Press-release also reports that for the first 15 days of May, substantial decline of net domestic assets of the bank (increase in government deposits and volume of short-term notes in circulation) caused tightening of monetary base by 1.4% to KZT104 bln. Table below defines dynamics of international reserves of the National Bank and monetary base for last 15 days (in current prices): Indicator by May 15 by Apr.30 ---------------------------------------- --------- --------- Gross international reserves, mln of USD 2,008.6 1,981.5 including: foreign exchange assets 1,506.9 1,482.4 gold 501.7 499.0 Net international reserves, mln of USD* 1,676.8 1,565.6 Monetary base, bln of KZT 104.0 105.5 KZT/USD (end of period) 142.40 142.15 Gold price for 1 troy ounce (US dollars) n/a 275.85 ---------------------------------------- --------- --------- * net international reserves is a difference between gross reserves and liabilities in foreign exchange