NET GOLD AND CURRENCY RESERVES OF KAZAKHSTAN ROSE BY $228.8 MLN UP TO $1,520.8 MLN IN 1999 - NB

/IRBIS, Jan.11, 00/ - As the press-release of the National Bank, devoted to current situation in financial market of the country, reads net international reserves (GCR) of Kazakhstan rose USD228.8 mln in 1999, up to $1,520.8 mln. At the same time gross GCR grew $38.9 mln, at $2,002.7 mln, thus, exceeding similar figure at the beginning of 1999. According to the press-release of the National Bank, growth in GCR was due to an improvement of the country's payment balance, currency inflow by the World Bank loans and from privatization. Fast growth of net reserves relative to gross reserves was due to a decrease in liabilities of the National Bank: IMF loans were repaid, Stand-by 1 was completely repaid in particular.