In the second half of March net Gold-currency Reserve of Kazakhstan decreased to $1.449 bln
/IRBIS, April 3, 00/ - The National Bank of Kazakhstan informs in the press- release #010, that by the end of March 2000 the gross international reserves of the National Bank have decreased in the current prices to $1,873 bln, the net reserves decreased to $1,449 bln. In the real terms they decreased by 2.9% and 2.1% correspondingly.
According to the press release, decrease in reserves by $88.7 mln was caused by reduction in the currency reserves by $59.8 mln and gold reserves by 28.9 mln (due to decrease in world prices of gold). Currency reserves reduction was caused by external debt service and by the Natiional Bank operations in the external market.
The press release adds, that in March decrease in net reserves caused money base contraction by 1.6% or by 1.6 bln tenges.
The table describing the international reserves of the National Bank of Kazakhstan in the last half of month:
In current prices In real terms* ------------------------ ------------------------ March 31,00 March 15,00 March 31,00 March 15,00
--------------------------- ----------- ----------- ----------- ----------- Gross international reserves, million USD 1872.7 1903.3 1899.6 1904.2 Including: Assets in a hard currency 1375.6 1381.0 1375.6 1381.0 Gold 497.1 522.3 524.0 523.3 Net international reserves, million USD ** 1449.2 1479.1 1476.1 1480.1 Money base, billion tenge 101.6 105.1 101.6 105.1 USD/KZT (at the end of period) 141.80 141.30 138.20 138.20 Price of gold (for 1 troy ounce, USD) 275.90 290.30 290.85 290.85 --------------------------- ----------- ----------- ----------- -----------
* Real prices calculated using price of gold at the end of 1999 ($290.85 per 1 troy ounce);
** Net international reserves are the difference between gross reserves and the hard currency obligations.