Net gold and foreign exchange reserves of the National Bank of Kazakhstan in current prices totaled $6,738.2 m. as of July 15 of 2004

/IRBIS, Assel Omarova, July 20, 04/ - According to the press-release of the National Bank of Kazakhstan (NBK), its net international reserves (GFER) excluding money of the National Fund of Kazakhstan increased in current prices in the first half of July, 2004 by 1.6% to $6,738.2 m. The press release stated that National Bank's currency purchases at domestic currency market, and inflow of foreign exchange into accounts of the Ministry of Finance and the NBK resulted in growth of net currency reserves by $87.2 m. Assets in gold increased by $19.7 m as a result of the NBK operations and rise of the world market price by 2.4%. According to National Bank's data, country's international reserves including money of the National Fund (according to preliminary data $3,714.0 m.), increased within the month by 1.2% to $10,456.5 m. The press release noted that decrease of domestic assets of the NBK (increase of short-term notes outstanding) in the first half of July caused compression of monetary base by 3.6% or by KZT 14.2 bn. Below is the dynamics of the National Bank's international reserves (current prices). ------------------------------------------------------------------------ As of As of As of Indicator July 15, 04 July 1, 04 June 15, 04 ---------------------------------- ----------- ---------- ----------- Net international reserves, $m 6,738.2 6,631.3 6,393.1 including: net assets in hard currency* 6,017.3 5,934 5,711.8 gold 720.9 701 681.3 Monetary base, bn. KZT 374.4 388.5 349.0 KZT/USD (at the end of the period) 135.37 136.06 136.14 ------------------------------------------------------------------------ * net assets in hard currency is the difference between gross assets and liabilities in hard currency. [2004-07-20]