/IRBIS, Dinara Mukasheva, September 9, 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 0.2 % to $19 915,00 mln. in August, 2009.

It is noted in the press release that selles 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 $23.2 bn.) increased by 1.7 % to $43.2 bn. since the beginning of the month (since year beginning fell by 8.2 %). At that, assets of the National Fund in national currency made KZT600.0 bn. (bonds of NWF Samruk-Kazyna and NA KazAgro). Slight increase in net international reserves of National Bank of Kazakhstan was offset by declines in net domestic assets of the National Bank, mainly due to the decrease of net claims to the Government and the growth of liabilities to banks, mainly on short term notes.

For July, 2009 monetary base increased by 4.5 % to KZT 7,091.7 bn. at the expense of decreasing domestic assets of banking system (since year beginning - increase by 13.2 %).

For July, 2009 cash in circulation grew by 1,4 % to KZT 807.3 bn. (since year beginning - decrease by 5.9 %), at that, deposits in banking system increased by 5.3 % to KZT 6,284.4 bn. The growth of cash in circulation on deposits rates reducing conditioned decreasing of deposits in monetary base structure from 87,9 % in May to 88.6 % in June, 2009.

Money multiplier decreased from 2.91 in June 2009.to 2.62 in July 2009 due to a higher rate of expansion of the monetary base in comparison with the rate of monetary growth

Data on the dynamics of the National Bank's international reserves and monetary base (current prices) are given below.

------------------------------------------------------------------
                                                     Change (in %)
                                         -------------------------
                                     May for a since year    for a
Indicator                           2009 month  beginning     year
------------------------------ --------- ----- ---------- --------
Net international reserves, $m 19,915.00  +0.2      +14.5     -8.4
including:
net assets in hard currency*   17,838.00  +0.1      +14.8    -10.2
Gold                            2,182.00  +1.5      +17.8    +15.7
Monetary base. KZT bn.          2,577.70  -4.8      +76.0    +47.2
Narrow monetary base. KZT bn.   2,092.50  -2.8      +43.9    +41.4
KZT/USD (at the end of          2,325.70  -7.2 234.2,раза 8.6,раза
the period)
Price for gold (per 1 Troy        150.80  +0.1      +25.4    +26.0
ounce in USD)
-----------------------------------------------------------------
* net assets in hard currency is difference between gross assets and
liabilities in hard currency;

[2009-09-09]