/Kazakhstan today, February 14, 03 / - "Dedollarization process has started in the republic", - said Chairman of the National Bank of Kazakhstan Grigory Marchenko, today, on February 14 speaking at the III congress of Kazakhstan financiers in Almaty.

As the National Bank's head explained, lately there is tendency of tenge strengthening in the country that was caused by large inflow of foreign currency partially due to the fact that people had started converting their savings into the national currency.

Since the beginning of 2003, Marchenko informed, the National bank purchased at the money market $620 m. "It is more than for the whole previous year and is the absolute figure", - he stated.

As the result of it, according to Marchenko's words, there occurs quick growth of the National ban's gold and foreign exchange reserves, volume of which at present is more than $3.7 bn. He noted that the country's total gold and foreign exchange assets, including the national fund, today exceed $5-6 bn. "these high figures will go on growing", - summarized the National Bank's head.

[2003-02-14]