The National Bank of Kazakhstan keeps increasing its gold and foreign exchange reserves by purchasing dollars in the domestic market and due to an increase of prices for gold

/IRBIS, Aug.16, 99/ - The National Bank of Kazakhstan in its press-release issued on August 16 states that: "The growth of the reserves by 22.5 million during the last week was due to replenishment of currency reserves by $20.8 million mainly through buying the currency in the domestic market and of gold assets by $1.7 million due to an increase of world prices for gold by 1.5 percent". Numbers given by the National Bank show that the share of the gold in gross gold and foreign currency reserves in current prices decreased during the last week from 28.5 to 28.2 %. Net reserves has decreased from 44.6 to 43.6%. It is also stated in the press-release that "present stability in the currency market had an impact on the growth of the monetary base, which has expanded from August 06 to August 13 by 0.8% (0.7 bln. tenge)". Following is a table that shows the gold and foreign exchange reserves of the National Bank on August 13 1999: In current prices In constant prices -------------------- -------------------- 30.07.99 06.08.99 30.07.99 06.08.99 ------------------------- -------- -------- -------- -------- Gross gold and foreign exchange reserves, mln. USD 1563.6 1586.1 1617.9 1633.1 namely: assets in hard currency 1117.3 1138.1 1117.3 1138.1 gold 446.3 448.0 500.6 494.9 Net gold and foreign exchange reserves, mln. USD ** 1001.4 1028.4 1055.8 1075.3 Monetary base, bln. tenge 85.8 86.5 85.8 86.5 KZT/USD (at the end of the period) 132.0 131.9 83.8 83.8 Price of gold (for 1 Trojan ounce in USD) 256.25 260.20 287.45 287.45 ------------------------- -------- -------- -------- -------- * gold is shown at prices for the end of 1998 ($287.45 for 1 tr. ounce) ** net gold and foreign exchange reserves is the difference between gross reserves and obligations in hard currency.