Kazakhstan’s international reserves and assets of the National Fund posted solid growth, with gross figures rising in July and the country’s total financial safety cushion approaching $130 billion.
According to 24 KZ, cited by Report, that the spring and summer period, however, proved challenging, as reserves experienced a sharp decline amid volatility in global markets, while gold, despite substantial purchases, temporarily fell in dollar terms.
According to the National Bank, gross international reserves increased by slightly more than 3% to $63.7 billion, partially offsetting the decline recorded in June. The positive trend covered all major components. The main driver of the recovery was freely convertible currency assets, which increased to about $15.5 billion. Monetary gold provided an additional boost, with its value exceeding $48 billion.
Experts note that the increase in the value of gold reserves was largely technical, reflecting a revaluation based on market prices rather than new purchases. As a result, the July increase was driven by a combination of foreign-currency inflows and favorable conditions in the precious metals market.
