National Bank gold reserves grew 2.9 %, make $19,381.0 m. in March 2009

/IRBIS, Dinara Mukasheva, May 12, 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 increased 2.9 % to $19,381.0 m. in April 2009. 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. International reserves of the country as a whole (in current prices), including money of National Funds (by preliminary data $22.5 bn.) increased by 2.6 % to $41.9 bn. since the beginning of the month (since year beginning fall by 11.4 %). At that, assets of the National Fund in national currency made KZT808 bn. including KZT600 bn at the expense of bonds purchase of NWF Samruk-Kazyna and NA KazAgro in portfolio of the National Fund. The main reason of a monetary base compressing was the decrease of corresponding accounts in tenge of the commercial banks in the National Bank. Moreover, there was decrease on the current accounts of NWF "Samruk-Kazyna" in the National Bank. For January 2009 monetary base reduced by 1.4 % to KZT6,688.4 bn. at the expense of decreasing domestic assets of banking system. In the structure of net foreign assets of banking system, net requirements to the Government decreased considerably. For March, 2009 cash in circulation grew by 2.3 % to KZT717.9 bn. (since year beginning - decrease by 16.3 %), at that, deposits in banking system reduced by 1.8 % to KZT5,970.6 bn. The growth of cash in circulation on deposits rates reducing conditioned decreasing of deposits in monetary base structure from 89.7 % in February to 89.3 % in March, 2009. Money multiplier fell from 3.26 in February 2009 to 2.99 in March, 2009 due to significant expanding of monetary base on insignificant reduce of money supply. Data on the dynamics of the National Bank's international reserves and monetary base (current prices) are given below. ------------------------------------------------------------------------ Change (in %) ------------------------------- --------- ---------- ---------- April for a since year for a Indicator 2009 month beginning year ------------------------------ --------- --------- ---------- ---------- Net international reserves, $m 19 381.00 +2.9 +11.5 -6.5 including: net assets in hard currency* 17 354.50 +3.6 +11.7 -7.9 Gold 2 075.20 -2.8 +12.0 +10.4 Monetary base, KZT bn. 2 193.30 -1.9 +49.8 +43.0 Narrow monetary base, KZT bn. 2 017.90 +2.2 +38.8 +33.1 KZT/USD (at the end of 721.60 2.0 times 72.7 times 39.4 times the period) Price for gold (per 1 Troy 150.64 -0.3 +25.2 +25.1 ounce in USD) ------------------------------------------------------------------------ * net assets in hard currency is difference between gross assets and liabilities in hard currency; [2009-05-12]