In January, the National Bank of Kazakhstan absorbed 4.1% of the country’s total money base or 594.3 billion tenge ($1.1 billion), according to data from the regulator. The money supply declined to $28 billion amid concerns over an overheating economy.
Under the National Bank’s classification, the money base includes cash in circulation, all settlement and current accounts, and tenge accounts and deposits held by commercial banks and other financial organizations at the National Bank.
This trend also affected the money supply rate, which declined as well. The money supply refers to all money in circulation, fixed-period deposits, and settlement and...