Net gold and foreign exchange reserves of National Bank of Kazakhstan in current prices totaled $21,233.6 m. as of August 29, 2007

/IRBIS, Dinara Mukasheva, September 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 decreased by 9.2% in August of year 2007 to $21,233.6 m. The press-release says that currency sales of currency on domestic currency market and conduction of operations for servicing of external debt of Ministry of finance, despite the inflow of currency to accounts of Government and increase of remains on correspondent accounts of second tier banks in foreign currency in National Fund had caused the decrease of net currency reserves (NCR) by $2,159.4 m. Assets in gold decreased by $4.3 M. as the result of decrease of its price on world markets by 0.3%.. In constant prices net foreign reserves of National Bank of Kazakhstan decreased by 9.3%, net assets in hard currency - by 9.8%, assets in gold did not change. Growth of internal assets of National Bank (reduction of volume of short-term notes of National Bank in circulation) in august 2007 had caused the widening of monetary base by 3.2% (or by KZT54.7 bn.). Narrow monetary base, that is monetary base without consideration of deposits with fixed period of second tier banks in National Bank increased to KZT1746.5 bn. (since the beginning of year - widening by 27.5%). For July 2007 money mass increased by 2.9% to KZT4618.0 bn. due to increase of net internal assets of banking system (since the beginning of year - by 44.9%). For July 2007 cash in circulation increased by 2.8% to KZT815.4 bn. (since beginning of year - growth by 35.7%), and deposits in banking system - by 2.9% to KZT3802.2 bn. (since beginning of year by 23.6%). Insignificant forestalling of rate of deposits' growth compared to rate of growth of cash money in circulation did not influence on change of stake of deposits in the structure of money mass, which made 82.3%. Increase of volume of money mass on the background of expansion of money base in July 2007 had caused the increase of value of money multiplier from 2.69 to 2.72. Data on the dynamics of the National Bank's international reserves and monetary base (current prices) are given below. ----------------------------------------------------------------------------- as of as of as of Indicator Aug 29, 07 Aug 15, 07 July 31, 07 ---------------------------------------- ---------- ---------- ----------- Net international reserves, $m 21,233.6 21,730.0 23,397.3 including: net assets in hard currency* 19,793.7 20,284.5 21,953.1 gold 1,439.9 1,445.5 1,444.2 Monetary base, KZT bn. 1,751.1 1,641.8 1,696.4 Narrow monetary base, KZT bn.** 1,746.5 1,636.2 1,678.2 Term deposits of STB in 4.6 5.6 18.2 National Bank, KZT bn. KZT/USD (at the end of the period) 126.05 125.50 123.61 Price for gold (per 1 Troy ounce in USD) 664.75 667.35 666.75 ----------------------------------------------------------------------------- * 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. [2007-09-07]