National Bank gold reserves fell 4.0 %, made $18,842.0 m. in March 2009

/IRBIS, April 14, 09/ - 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 4.0 % to $18,842.0 m. in March 2009. Quotation start In March 2009 net international reserves of the National Bank in current prices decreased 4.0 % (or $782.4 m.) to $18.8 bn. (since year beginning - fall by 5.0 %). It is noted in the press release that selling of currency on the domestic currency market, operations for servicing of external debt of the Government and decrease of remains on correspondent accounts of commercial banks in foreign currency in the National Bank were partially neutralized by reconversion of assets of the National Fund in foreign currency into currency assets of the National Bank and inflows of currency on the accounts of Government in the National Bank. As a result, in March 2009 net international reserves (GFER) of the National Bank decreased 4.2 % (or $731.8 m.) (since year beginning - fall by 6.4 %). Assets in gold decreased by 2.3 % (or $50.6 m.) (since year beginning - growth by 6.8 %) as a result of decrease of its price on the world markets by 2.3 %. March 2009 international reserves of the country as a whole (in current prices), including money of National Fund in foreign currency ($22.0 bn.) decreased by 2.6 % to $40.9 bn. (since year beginning - fall by 13.7 %). At that, assets of the National Fund in national currency made KZT633.0 bn., including KZT600 bn. at the expense of bonds purchase of NWF Samruk- Kazyna and NA KazAgro in portfolio of the National Fund. Fall of net gold reserves of the National Bank in March 2009 caused narrowing of monetary base by 0.7 % to KZT2,236.8 bn. (since year beginning - expanding 46.7 %). For February 2009 monetary base grew by 13.6 % to KZT6,780.8 bn. (since year beginning - growth 8.2 %) at the expense of increasing net foreign assets of banking system. In the structure of net foreign assets of banking system in February 2009, both net gold reserves of the National Bank and net foreign assets of banking system increased, compared to January 2009. Growth of net foreign assets of bank was conditioned by revaluation of its volumes as a result of tenge devaluation, made in February 2009. For February 2009, cash in circulation reduced by 1.8 % to KZT701.6 bn. The main reason of reduce became the growth of foreign currency net-sales by swap bodies, the stake of which in total sum of cash revenues from cash desks made 81.6 %. At that, the growth of net-payments on wage partially neutralized decrease of cash in circulation. Deposits in banking system increased by 15.7 % to KZT6,079.2 bn. growth of deposits on reducing cash in circulation caused the increase of deposits` stake in the structure of monetary base from 88.0 % in January 2009 to 89.7 % in February 2009. Money multiplier grew from 2.94 in January 2009 to 3.01 in February, 2009 due to exceeding rates of money supply compared to significant expanding of monetary base. Quotation end [2009-04-14]