National Bank of Kazakhstan to maintain foreign-exchange reserves

Finance Materials 4 June 2019 11:12 (UTC +04:00)

Baku, Azerbaijan, June 4

By Nargiz Sadikhova - Trend:

National Bank of Kazakhstan is taking action to maintain the current level of foreign-exchange reserves, Trend reports via Inbusiness.

“As at June 1, 2019 the volume of Kazakhstan’s international reserves amounted to $86.6 billion, which is 2.6 percent more than in the beginning of the year ($88.915 billion),” the statement said.

“Compared to April 2019 ($86.379 billion) the same volume has increased by 0.3 percent,” reads the message.

“Furthermore, based on the preliminary data, the volume of gross foreign-exchange reserves of National Bank of Kazakhstan in June amounted to $28 billion tenge, which is 3.5 percent more (+$948 million), than in last month,” the report said.

“This volume of foreign-exchange reserves exceeds the volume of seven months long import of goods and services, whereas the minimal amount equals three months of import,” the source said.

“The National Bank of Kazakhstan suggested to other banks to start opening the currency-denominated deposits in National Bank in order to maintain the current level of foreign-exchange reserves,” the report said.

“The estimated deposit rate is 0.5 percent per year and the time of the deposit is one moths,” the statement said.

(1USD = 384.52 KTZ on June 4)


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