As of January 14, 2000 net gold and foreign currency reserves of Kazakhstan decreased 3.5% down to $1.468 bln

/IRBIS, Jan.17, 00/ - In its press-release #003, issued on January 17, 2000, the National Bank of Kazakhstan states: "From the beginning through January 14 of this year both gross and net gold and currency reserves of the National Bank of Kazakhstan decreased". In current prices gross and net reserves decreased 3% and 3.5%, respectively: In real terms gross and net reserves decreased 2.2% and 2.5%. Currency reserves decreased 3% and gold reserves remained unchanged. According to the message of the National Bank of Kazakhstan, "$60.1 mln decrease in reserves was due to $44.8 mln reduction in currency reserves (mainly due to meeting obligations to convert deposits of the population in the banks of the second tier, which were frozen during the introduction of free floating exchange rate of tenge and currency sales in domestic market) and gold assets by $15.3 mln (due to 3% decrease in its price in international markets)". It is also said that "first two weeks of January of this year decrease in reserves and net internal assets (increase in short term notes in circulation and government deposits) caused 11.2% reduction in monetary base (or 14.1 bln tenge)". Following is the table which shows international reserves of the National Bank of Kazakhstan and the monetary base as of January 14, 2000: In current prices In real terms* January 14, 2000 January 14, 2000 ------------------------------------- ----------------- ---------------- Gross international reserves, mln USD 1,942.6 1,952.0 including: - assets in hard currency 1,435.1 1,435.1 - gold 507.5 516.9 Net international reserves, mln USD ** 1,468.1 1,477.5 Money base, bln tenge 112.1 112.1 USD/KZT(at the end of period) 138.95 83.8 Price of gold (for 1 troy ounce, USD) 282.20 287.45 ------------------------------------- ----------------- ---------------- * Price of gold is shown for the end of 1998 ($287.45 per 1 troy ounce) ** Net international reserves is a difference between gross reserves and liabilities in hard currency.