BAKU, Azerbaijan, Jan. 14
Trend:
The foreign exchange assets of the National Fund amounted to $55.3 billion, having increased by $404 million in December, according to preliminary data as per the end of 2021, Trend reports referring to the National Bank of the Republic of Kazakhstan.
First of all, as noted by Deputy Chairman of the National Bank of Kazakhstan Aliya Moldabekova, there was a significant market correction due to the detection of a new omicron strain in November 2021. However, already in December, market participants were more optimistic amid a deviation from the practice of large-scale lockdowns. As a result, following the results of December, there was a recovery in the financial markets. As an outcome of December, the investment income of the National Fund was positive and reached $916 million.
Meanwhile, assets worth $839 million were sold on the foreign exchange market last month in order to allocate guaranteed and targeted transfers in the amount of 368 billion tenge ($845.4 million).
In general, amid withdrawals of transfers to the republican budget, the assets of the National Fund decreased by $3.4 billion in 2021.
“Last year, in order to ensure the allocation of transfers to the budget for 4.5 trillion tenge ($103.3 billion), foreign exchange assets worth $9.6 billion were sold from the National Fund. Foreign currency receipts of the Fund for the year amounted to $3.9 billion,” Aliya Moldabekova said.