BAKU, Azerbaijan, December 29. Gross international reserves of the National Bank of Kazakhstan reached $33.9 billion, Trend reports, citing the press service of the Bank.
This constitutes a 2.9 percent increase.
The increase in reserves was assisted by a 7.4 percent increase in the price of gold to $1,760 per ounce. The impact of the growth in the price of gold was partially offset by the outflow of funds from the foreign currency accounts of Kazakh banks at the National Bank.
Kazakhstan’s international reserves, including the assets of the National Fund in foreign currency ($55.8 billion) accounted for $89.75 billion by the end of November.
In November, the money supply decreased by 1.6 percent, amounting to 32.7 trillion Kazakh tenge ($70.4 billion), an increase of 8.9 percent from the start of 2022.
Lending to individuals, primarily consumer and mortgage loans, is the main factor explaining the growth of the money supply in 2022.