Kazakhstan’s International Reserves Exceed $45 Billion
Kazakhstan’s net international reserves surpassed $45 billion in January 2024, marking a 3.29% monthly increase and a 29.7% year-on-year growth, as reported by the National Bank of Kazakhstan (NBK) on Feb. 11.
The rise in reserves is attributed to a significant boost in gold holdings, which reached $25.8 billion in January. Gross international reserves totaled $47.1 billion, with foreign currency assets amounting to $21.3 billion. The National Fund’s foreign exchange assets, however, declined by 0.56% to $58.5 billion, resulting in a combined total of $103.5 billion in reserves, including the National Fund's assets.
The NBK maintains reserves by purchasing excess foreign currency from exporters and foreign investors, which is not utilized by importers. These reserves are crucial for stabilizing the tenge exchange rate and addressing potential balance-of-payments issues.
Photo credit: kapital.kz
