Net gold and foreign exchange reserves of the National Bank of Kazakhstan increased by USD16.1 mln within a week

/IRBIS, Sept.01, 99/ - The National Bank of Kazakhstan in its press-release (#053) issued on August 31 states that: "From August 20 to August 27, 1999 both gross and net reserves of the National Bank of Kazakhstan have increased. During this period gross and net reserves have increased in current prices by 1.0% and 1.4%, respectively". "Growth of the reserves by $16.1 mln was due to replenishment of currency stocks by $20 mln (mainly by purchasing in domestic currency market) and reduction of gold assets by $3.9 mln. Decrease in gold assets is primarily caused by price fall for gold (2.1% in one week)" is said in the press release. Data given by the National Bank indicates that share of gold in gross reserves went down from 27.1% to 26.5% within last week. Decrease from 41.5 to 40.6% is observed in net gold and foreign exchange reserves. It is also stated in the press-release that "present stability in the currency market had an impact on the growth of the monetary base, which has expanded from August 20 to August 27 by 5.6% (5 bln. tenge)". Following is a table that shows the gold and foreign exchange reserves of the National Bank as of August 27 1999: In current prices In constant prices* 27.08.99 20.08.99 27.08.99 20.08.99 Gross gold and foreign exchange reserves, mln. USD 1614.3 1598.2 1672.4 1646.4 including: assets in hard currency 1185.8 1165.8 1185.8 1165.8 gold 428.5 432.4 486.6 480.6 Net gold and foreign exchange reserves, mln. USD ** 1055.8 1040.9 1113.9 1089.1 Monetary base, bln. tenge 93.7 88.7 93.7 88.7 KZT/USD (at the end of the period) 131.8 131.9 83.8 83.8 Price of gold (for 1 Trojan ounce in USD) 253.15 258.60 287.45 287.45 * gold is shown at prices for the end of 1998 ($ 287.45 for 1 tr. ounce) ** net gold and foreign exchange reserves is the difference between gross reserves and obligations in hard currency.