National Bank gold reserves decrease by 0.4 % and make $21,663.3 m. in the first half of September 2008

/IRBIS, Dinara Mukasheva, September 17, 08/ - The National Bank of Kazakhstan disseminated the press release, which informs that the net international reserves (GFER) of the National Bank, excluding money of the National Fund of the Republic of Kazakhstan, in current prices decreased by 0.4 % to $21,663.3 m. in the first half of September 2008. It is noted in the press release that purchasing of currency on the internal currency market and inflows of currency on the accounts of Government in the National Bank and increase of remains on correspondent accounts of commercial banks in foreign currency in the National Bank were partially neutralized by operations for servicing of external debt of the Government. As a result, net currency reserves (NCR) increased by $89.3 m., assets in gold decreased by $168.8 m. as a result of decrease of its price on the world markets by 8.95 %. International reserves of the country as a whole (in current prices), including money of National Funds (by preliminary data $26,444.6 m.) decreased by 0.4 % to $48,110.2 m. Increase of net internal assets of National Bank in the first half of September, 2008 had caused widening of monetary base by 0.8 % or KZT14.7 bn. Data on the dynamics of the National Bank's international reserves and monetary base (current prices) are given below. -------------------------------------------------------------------------------- Change (in %) relative to values ------------------------------------ As of Sept. As of August As of As of Sept. Indicator 15, 08 29, 08 Dec. 29, 14, 07 07 ------------------------------- ----------- ------------ ----------- ----------- Net international reserves, $m 21,663.30 -0.4 +24.6 +8.4 including: net assets in hard currency* 19,946.40 +0.4 +28.4 +7.7 Gold 1,716.90 -9.0 -7.3 +17.4 Monetary base, KZT bn. 1,765.70 +0.8 +20.6 +8.0 Narrow monetary base, KZT bn.** 1,464.90 -1.0 +0.7 -10.2 Term deposits of STB in 300.60 +10.8 +30.3 times +75.2 times National Bank, KZT bn. KZT/USD (at the end of 119.48 -0.1 -0.7 -1.9 the period) Price for gold (per 1 Troy 757.50 -9.0 -8.6 +7.0 ounce in USD) -------------------------------------------------------------------------------- * 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. [2008-09-17]