Gross int’l reserves of Kazakh National Bank drop

Baku, Azerbaijan, July 25

By Leman Zeynalova – Trend:

Gross international reserves of the National Bank of Kazakhstan have decreased by 0.5 percent or $157.2 million and reached $30.6 billion as of June 2018, according to the bank’s preliminary data.

Gross international reserves have dropped by 0.6 percent or $181.4 million since early 2018, said the bank.

Kazakhstan’s international reserves, including the assets of the National Fund of Kazakhstan in foreign currency ($58.1 billion) stood at $88.7 billion as of late June 2018.

Kazakhstan has a two-tier banking system. The National Bank of Kazakhstan is the central bank of Kazakhstan and presents the upper (first) tier of the banking system of Kazakhstan. All other banks present lower (second) tier of the banking system, excluding the Development Bank of Kazakhstan that has peculiar legal status.

The National Bank represents, within the limits of its authority, the interests of Kazakhstan in the relationship with the central banks, with banks of other countries, in the international banks and other financial-credit organizations.

Official exchange rate for July 25 is 344.64 KTZ/USD.

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Follow the author on Twitter: @Lyaman_Zeyn

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