Kazakhstan's int’l reserves hit $97.8 billion

/By AzerNews/

By Vusala Abbasova

The Kazakhstan's International Reserves amounted to $97.8 billion at the end of May, 2015, including the National Fund assets in foreign currency in the amount of $69.0 billion.

The gross international reserves of the Kazakhstan National Bank amounted to $28.7 billion, Kazakhstan National Bank reported.

The monetary base expanded by 6.6 percent and amounted to 3.6448 trillion tenge (increasing by 6.8 percent since early 2015) during the first five month of the year.

The monetary base, excluding fixed time deposits of the second level banks in the National Bank, increased by 7.6 percent to 3.4902 trillion tenge (1 USD= 186.05 tenge).

The country's money supply amounted to 12.2668 trillion tenge in April 2015, while the cash in circulation amounted to 1.0184 trillion tenge.

Moreover, the deposits in the banking system amounted to 11.2483 trillion tenge.

The share of deposits in the money supply increased from 91.2 percent in December 2014 to 91.7 percent in April 2015.

The money supply growth could be possible due to cash reduction rates in circulation in comparison with the decline rate in deposits, recorded in January-April 2015.

The money multiplier amounted to 3.59 at the end of April 2015.

The economic growth in Kazakhstan ensure country’s readiness to global economic shocks, the head of the Kazakhstan National Bank, Kairat Kelimbetov, earlier told Tengrinews.kz.

He made the remark while commenting on the instable situation on the world oil prices and unfavorable situation in Russia, affecting the economies of the CIS countries.

Kelimbetov noted that only Kazakhstan and Azerbaijan(among the former Soviet Union countries) are prepared for this kind of economic shocks, due to the oil funds and government reserve fund creation, which provide with the economy "airbags" for the countries

Kashagan is a large oil and gas field, located in the north of the Caspian Sea. Oil production, which is estimated at 11 billion barrels started in September 2013, but its operation has been suspended when a gas leak appeared from the ground pipeline. The field's total geological raw material reserves stand at 35 billion barrels.