Baku, Azerbaijan, Aug. 16
By Fikret Dolukhanov – Trend:
Over the past 12 years, the share of the US dollar in the gold and foreign exchange reserves of the National Bank of Kazakhstan has decreased by 20 percent, local media reported referring to the Chairman of the National Bank of Kazakhstan Daniyar Akishev.
"For the purpose of diversification, the National Bank has gradually reduced the share of the US dollar in the gold and foreign exchange reserves. While it amounted to 67 percent in 2006, it has decreased to 46 percent as of the end of June 2018," Akishev said.
The chairman of the national bank explained that assets placed in foreign currency have been invested in government securities, other financial instruments of developed and developing countries, the investment attractiveness of which is confirmed by a high credit rating.
"This practice ensures the safety of assets. The structure of assets placed in different currencies is constantly changing, by reflecting the degree of liquidity, the level of profitability, as well as limitation of the growth of concentration on individual currencies," Akishev explained.
Meanwhile, he said, within the framework of the stabilization function of the Kazakhstan National Fund, the provision of an annual guaranteed transfer of funds to the national budget has been envisaged. Accordingly, a part of the Fund's assets is invested in the most liquid financial tools, which are usually denominated in US dollars.
As a result, the share of the US dollar in the investments of the Kazakhstan National Fund is higher than in the gold and foreign exchange reserves of the National Bank, and at the moment amounts to 63 percent.
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