Net gold and foreign exchange reserves of the National Bank of Kazakhstan in current prices decreased within the first half of October of 2002 to $2,929.6m

/IRBIS, October 16, 02/ - In accordance with the press-release of the National Bank of Kazakhstan (NBK) distributed today its net international reserves (GFER) not including money of the National Fund of Kazakhstan at current prices decreased within the first half of October of 2002 to $2,929.6m relative to $3,130.6m in the beginning of the month. Reason of decreasing of gold and foreign exchange reserves, according to the National Bank's data, was redemption by the Ministry of finance of eurobonds of 1997 and current payments on external debt servicing. These losses of GFER were partially neutralized by National Bank's operations at domestic money market. As the result there was reduction of net exchange reserves (by $193.3m). Assets in gold decreased by $7.6m as the result of decrease of its price at external market by 1.6%. Growth of net internal assets of the National Bank in the first half of October of 2002 caused expansion of monetary base by KZT4.4bn or by 2.4%. In accordance with the National Bank's data country's international reserves including the National fund's money (according to preliminary data - $1,688.6m) equaled to $4,620.4m and fell by 3.8% within the month. The table below presents the dynamics of the National Bank's international reserves and its monetary base (current prices). ---------------------------------------------------------------------- As of As of As of Indicator Oct 15, 02 Sep 30, 02 Sep 16, 02 ---------------------------------- ---------- ---------- ---------- Net international reserves, $m 2,929.6 3,130.6 3,108.3 Including: Net assets in hard currency 2,375.5 2,568.8 2,553.4 Gold 554.1 561.8 554.9 Money base, KZTbn 188.1 183.7 183.9 KZT/USD (at the end of the period) 154.30 154.55 154.45 ---------------------------------------------------------------------- Net assets in foreign exchange is the difference between gross assets and liabilities in hard currency. [2002-10-16]