/IRBIS, Sept 27, 01/ - CNA informs, with the reference to the finance minister of Kazakhstan, Majit Esenbaev, that now $1.158 bn was accumulated in National Fund of Kazakhstan.

The Fund was established by the decree of the president of Kazakhstan in August 2000. The government, represented by the Ministry of Finance, has opened a special currency deposit account, where $660m was deposited in early this year from sales of 5% stake of Kazakhstan in Tengizchevroil JV.

Along with investment income, the National Fund is receiving funds from extra taxes from 12 major companies mainly engaged in oil sector of the country.

It was planned to invest the funds into the highly liquid shares of foreign issuers, and finance minister assured that no losses had been incurred after the incidents in the USA, since the funds were mainly invested into state treasury bills.