According to preliminary data of the National Bank in September, its gross international reserves decreased by 3.4% to $35.6 billion.
As of September 2021, the country’s international reserves as a whole, including the National Fund assets in foreign currency ($55.1 billion) reached $90.6 billion in total. In August the amount of money the fund had supervised was $56.9 billion.
“The reserves decreasing was caused by a downturn of gold portfolio value. Gold prices in turn went down as U.S. treasuries yields have soared and the dollar gets stronger. Assets in freely convertible currency decreased mainly because of lower balance at corresponding accounts of commercial banks and Kazakhstan’s state debt services,” the National Bank said.
Themoneybasehadrisen 3.8% to $25 billion in September(the rate has grown 9.3% since the beginning of the year). The money base without banks’ deposits in the National Bank shrank by 7.7% to $13.6 billion.
Also in September money supply in Kazakhstan had risen 2.8% and reached $67.7 billion (the rate has grown 15.8% since the beginning of the year); currency in circulation decreased 1.0% to $7 billion (the rate has grown 5.5% since the beginning of the year).
In August gold reserves of the country had risen by $1.8 billion and reached $36.8 billion in total. Back then Erbolat Dosayev, head of the National Bank said that the gold portfolio grew because the country had realized its priority right to purchase gold produced in the country.