National Bank gold reserves decrease 4.2 %, make $21,020.1 m. in October 2008

/IRBIS, Dinara Mukasheva, November 6, 08/ - The National Bank of Kazakhstan disseminated the press release informing net international reserves (GFER) of the National Bank, excluding money of the National Fund of the Republic of Kazakhstan, in current prices decreased 4.2 % to $21,020.1 m. in October 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 decrease 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) decreased by $685.4 m., assets in gold decreased by $241.4 m. as a result of decrease of its price on the world markets by 11.9 %. International reserves of the country as a whole (in current prices), including money of National Funds (by preliminary data $26,326.4 m.) decreased by 4.4 % to $47,355.3 m. Decrease of net internal assets of National Bank in October, 2008 caused narrowing of monetary base by 10.5 % or KZT184.7 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 Oct. As of Oct. As of Dec. As of Oct. Indicator 31, 08 30, 08 29, 07 31, 07 ------------------------------- ---------- ---------- ---------- ---------- Net international reserves, $m 21,020.10 -4.2 +20.9 +20.6 including: net assets in hard currency* 19,235.40 -3.4 +23.8 +21.4 Gold 1,784.70 -11.9 -3.7 +13.1 Monetary base, KZT bn. 1,570.20 -10.5 +7.2 +4.5 Narrow monetary base, KZT bn.** 1,461.80 -5.5 +0.5 -2.5 Term deposits of STB in 108.40 -47.9 +10.9 +27.4 National Bank, KZT bn. KZT/USD (at the end of the period) 119.81 0 -0.4 -0.9 Price for gold (per 1 Troy ounce in USD) 772.25 -11.9 -6.8 -1.4 --------------------------------------------------------------------------- * net assets in hard currency is difference between gross assets and liabilities in hard currency; ** narrow monetary base is monetary base without account of term deposits of STB in the National Bank of Kazakhstan. [2008-11-06]