Net gold and foreign exchange reserves of the National Bank of Kazakhstan in current prices totaled $21,845.6 m. as of February 28, 2007

/IRBIS, Dinara Mukasheva, March 7, 07/ - The National Bank of Kazakhstan has spread the press release, which says, that net international reserves (GFER) of the National bank excluding money of the National Fund of the Republic of Kazakhstan in current prices increased by 4.5% in February 2007 to $21,845.6 m. The press-release says that purchasing of currency on the internal currency market by National Bank, and inflows of currency to accounts of Government in National Bank and increase of remains on correspondent accounts of second tier banks (STB) in foreign currency in National Bank had caused the increase of currency reserves. At that, volume of operations of replenishment of assets of National fund and servicing of external debt of Ministry of finance from the accounts of gold reserves was insignificant. As a result, the net currency reserves (NCR) increased by $880.8 m., assets in gold - by $67.9 m. as a result of conducted operations and growth of its price in the world markets by 4.84%. According to information of the National Bank as of March 1, 2007, amount, subject to conversion, on accounts of the National Fund in the national currency totaled KZT40.0 bn. The country's international reserves as a whole (in current prices), including money of the National Fund (by preliminary data $15,539.0 m.), totaled $37,393.5 m. Growth to the previous month - 4.9%. Growth of the National Bank's net international reserves in February 2007 caused the expansion of the monetary base by 14.2% to KZT1,588.0 bn. (from the beginning of the year by 5.8%). The narrow monetary base (less time deposits of STB in the National Bank) expanded by 14.5% to KZT1,414.3 bn., from the beginning of the year - by 3.2%. According to the information of the National bank cash in circulation decreased by 0.2% to KZT599.3 bn., and deposits in the banking system - by 3.4% to KZT3,008.7 bn. The higher decline rates of deposits in January compared to decline rates of cash in circulation caused the decrease of share of deposits in the structure of money supply to 83.4%. Data about the dynamics of the National Bank's international reserves and monetary base (current prices) are given below. ------------------------------------------------------------------------------- as of as of as of Indicator Feb. 28, 07 Feb. 15, 07 Jan. 31, 07 ---------------------------------------- ----------- ----------- ----------- Net international reserves, $m 21,845.6 22,011.0 20,895.4 including: net assets in hard currency* 20,379.7 20,530.9 19,497.4 gold 1,465.9 ,1,480.1 1,398.0 Monetary base, KZT bn. 1,588.0 1,516.3 1,391.0 Narrow monetary base, KZT bn. 1,414.3 1,348.4 1,234.9 Term deposits of STB in 173.6 167.9 156.00 National Bank, KZT bn. KZT/USD (at the end of the period) 123.71 123.95 126.24 Price for gold (per 1 Troy ounce in USD) 677.00 668.25 645.75 ------------------------------------------------------------------------------- * net assets in hard currency is the difference between gross assets and liabilities in hard currency; ** narrow monetary base is the monetary base without term deposits of STB in the National Bank of Kazakhstan. [2007-03-07]