NB of Kazakhstan is confident of the growth in gold and currency reserves of Kazakhstan

/IRBIS, March 7, 00/ - REUTERS informs, with the reference to the chairman of the bank Grigorii Marchenko, that the National Bank of Kazakhstan is confident of the growth in gold and currency reserves in year 2000. He says growth in gold and currency reserves is due to an increase in exports, continuing inflow of direct investments. Preliminary estimates show exports still exceed imports, hence export earnings will be sold at much larger amounts than they were last year, also direct investments are still coming into the market, he said. The Ministry of finance is expected to sell about $400-600 mln, taking into account the loans of the World bank, and possible eurobond offerings. The National statistics agency informs the external trade balance of the country equaled positive $203.9 mln last year. The investment committee says the country expects up to $1.5 bln in direct foreign investments this year against $1.3 bln last year. It will be quite positive as a whole, Marchenko said. The chairman added the volume of gold and currency reserves exceed the volume of three month imports now, when actually it should exceed volume of three month imports. Volume of gold and currency reserves of the country reached $1.961 bln as of February 29, said the National Bank. Its fluctuations are mainly dependent on gold prices.