Shift in foreign exchange regulation positively affected dynamics of international reserves

/IRBIS, April 05, 01/ - NBK has summarized results of introduction of new foreign exchange regulation and its impact on dynamics of international reserves. Shift in foreign exchange policy began positively affect dynamics of international reserves since second half of 1999. From April to June 1999 gross and net international reserves fell by 6.5 and 7.1% respectively. In second half 1999 they grew up by 34 and 66.3%. Despite servicing of the external debt of the Finance Ministry, fulfillment of National bank obligation on convertation of deposits (both legal entities and individuals) and prescheduled redemption of IMF liabilities in May 2000, NBK has increased its gross international reserves by 53.6% (or $856.4 mln) up to $2,454.3 mln for two years. net reserves grew up 2.5 times (or by $1,466.9 mln) up to $2.452 mln.