Baku, Azerbaijan, Oct. 18
By Nigar Guliyeva – Trend:
The international reserves of the National Bank of Kazakhstan increased by 10.2%, amounting to $32.5 billion since early 2017.
Chairman of the National Bank Daniyar Akishev informed that the currency assets of the National Fund hit $56.8 billion.
The total reserves of the country amounted to $89 billion or 60% of GDP, the press-service of the Bank reported.
"The money market still observes excessive liquidity, which is taken out by the National Bank to prevent inflation risks," he said.
Akishev further said that the National Bank has a sufficient arsenal of tools that allow it to flexibly manage the situation in the money market, including for replenishment of liquidity, if such a need arises.
"The de-dollarization processes continue in the deposit market. The share of deposits in foreign currency decreased from 55% in early 2017 to 50%. The increase in tenge deposits was 6%, while the volume of deposits in foreign currency decreased by 10%," he said.
"It is expected that maintaining stability and predictability in the domestic foreign exchange market, reducing inflation will further stimulate savings in tenge," Akishev concluded.