In May net gold and foreign currency reserves of Kazakhstan decreased to $2,392.6 mln

/IRBIS, June 5, 01/ - The National Bank of Kazakhstan (NBK) informs that in May 2001 net international reserves of the country, excluding the money of the National Fund of Kazakhstan, decreased to $2,392.6 mln in current prices relative to $2,604.9 mln as of April 30, 2001. It is said that in current prices net international reserves decreased by 8.2%, or $212.3 mln as a result of $229.3 mln worth of foreign currency sales of the National Bank to the Ministry of Finance in order to increase the assets of the National Fund. Meanwhile, gold assets increased by $3.7 mln due to the transactions held in gold both on domestic and international markets, as well as due to a slight increase in its price on external market by 0.6%. Growth of net international reserves of the National Bank (decrease in the volumes of short-term notes of the National Bank in circulation) in May forced a slight expansion of the monetary base by 2.6%, up to KZT3.4 bln. Based on the National Bank data, net international reserves of the country, that is, gold and foreign currency reserves of the National Bank at $2,392.6 mln, and assets of the National Fund ($898.5 mln) totaled $3,291.1 mln, which is 0.5% growth relative to previous month. Following is the table that describes the dynamics of the international reserves of the National Bank of Kazakhstan and that of the monetary base as of May 31 2001 at current prices: ------------------------------------------------------------------------- As of As of As of May 31, 01 May 15, 01 April 30, 01 ----------------------------------- ---------- ---------- ------------ Net international reserves, mln USD 2,392.6 2,547.2 2,604.9 including: - net assets in foreign exchange 1,902.6 2,054.8 2,118.7 - gold 490.0 492.4 486.3 Monetary base, bln KZT 134.4 128.3 131.0 USD/KZT (at the end of period) 146.10 146.00 145.65 ------------------------------------------------------------------------- Net assets in hard currency is difference between gross assets and liabilities in hard currency.