In the second half of May net gold-currency reserves of Kazakhstan increased to $1.802 bln

/IRBIS, June 1, 00/ - The National Bank of Kazakhstan informs in its press- release #018, that in the second half of May of the year 2000 gross gold- currency reserves of the country decreased from $2.009 bln to $1,816 bln and in current prices. Net gold-currency reserves, on the contrary, rose from $1.677 bln to $1.802 bln in current prices. It is said that ": in May of current year net international reserves grew by 15.1% in current prices (or $236.3 mln). It was caused by an inflow of currency from the placement of eurobonds-2007, as well as by the National Bank's purchases of the currency on domestic market. Attained level is the second place since Kazakhstan has received its independence (as of Nov. 1, 97 net international reserves equaled $1,824.4 mln)". It is also said in the press-release that full repayment of its debt by the National Bank to IMF caused gross international reserves of the country as of June 1, 00 almost to match net international reserves for the first time since April 1994. The difference of $14.5 mln is the remaining amount of international financial organizations in the National bank. As the National Bank believes that this difference will be maintained at low levels, from June 1, 2000 the National Bank considers it sound to use the indicator "net international reserves" in its publications. The National Bank informs that in May of current year growth in net international reserves of the bank caused the monetary base to expand by 5.9%, or KZT6.2 bln. Following is the table that describes the dynamics of the international reserves of the National Bank of Kazakhstan and that of the monetary base during the last half month: As of May 31, 00 As of May 15, 00 ------------------------------------- ---------------- ---------------- Gross international reserves, mln USD 1,816.4 2,008.6 including: hard currency assets 1,322.1 1,506.9 gold 494.3 501.7 Net international reserves, mln USD ** 1,801.9 1,676.8 Monetary base, bln KZT 111.7 104.0 USD/KZT (at the end of period) 142.35 142.40 Price of gold (for 1 troy ounce, USD) 275.25 no data ------------------------------------- ---------------- ---------------- * net international reserves is the difference between gross reserves and the liabilities in hard currency.