BAKU, Azerbaijan, May 19. According to preliminary data, Kazakhstan's gold and foreign exchange assets amounted to $33.5 billion at the end of April 2022, increasing a month by $400 million, Deputy Chairman of Kazakh National Bank Aliya Moldabekova said, Trend reports citing National Bank.
"The growth of reserves is associated with increase in portfolio of gold and receipt of funds in the account of Finance Ministry in National Bank. Gold portfolio grew more than $200 million, ignoring the insignificant reduction in gold prices from 1924 to 1915 US dollars per ounce, in connection with the purchase of gold within the framework of the sale of priority rights," Moldabekova said.
“The influence of positive factors was partially counterbalanced by the flow of funds from the correspondent accounts of second tier banks. Prices for gold changed the trajectory, reaching a peak in the second decade of April. According to preliminary data, the volume of foreign exchange assets of Kazakhstan National Fund amounted to $52.5 billion in April, down from the previous month to $500 million," she said.
Moldabekova noted that 460 billion tenge ($1.06 billion) were allocated from National Fund for the state budget, in April 2022.
Assets were sold for $168 million in local foreign exchange market.
"The investment income of National Fund has been negative since the beginning of 2022, against the background of the fall in stock market, tightening of monetary policy of the US Federal Reserve System and central banks of developed countries, strengthening of the US dollar,“ Moldabekova noted.