Kazakhstan puts over $ 75 bln for rainy day

Photo: Kazakhstan puts over $ 75 bln for rainy day / Finance

Kazakhstan, Astana, Jan. 18 / Trend L. Podolyak /

The international reserves of the country, including the National Fund assets increased by 27.3 percent and amounted to $75.4 billion in January-November 2011, the official website of the Kazakh Prime Minister said with the reference to the Ministry of Economic Development and Trade.

The growth occurred despite the funds to the amount of 1.2 trillion tenge (over $ 8 billion) were raised from the National Fund amid the global financial crisis of 2008-2009 to maintain the stability of the economy.

A new concept of the National Fund was approved by Kazakh President Nursultan Nazarbayev's decree in 2010.

It will support the further accumulation of the fund's money, ensure balance and stability of the national budget and redistribution of oil revenues between the generations.

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