Kazakhstan's gold, currency reserves exceed $31B
ASTANA. KAZINFORM - The Ministry of National Economy of the Republic of Kazakhstan noted the growth of gold and foreign currency reserves of the National Bank following stabilization of the situation at the currency market, Kazinform correspondent reports.
"Since the beginning of the year gold and foreign currency reserves increased by 12.7% up to $31.4 billion," Minister of National Economy Kuandyk Bishimbayev said at the session of the Government on Tuesday.
According to him, Kazakhstan's international reserves amounted to $95.8 billion and grew by 4.8% since the beginning of the year, including the National Fund assets in foreign currency - up to $64.4 billion (1.4%).
It was noted that Kazakhstan's external turnover decreased by 28% sliding to $38.4 billion in eight months of 2016. Export totaled $23 billion (28.6% decline), whereas import accounted for $15.4 billion (27% decline).
The ministry believes that falling oil prices had a major impact on exports decline.