5 May 2010 14:17

Kazakhstan ups gold, forex reserves 16% in 4 mths

ALMATY. May 5 (Interfax) - Kazakhstan's gold and foreign-exchange reserves, including the National Bank's gross reserves and National Fund's resources, grew 5.2% in April and 16% during the first four months of 2010 to $55.2 billion, the National Bank said.

The National Bank's net reserves rose 8.4% in April and 27.2% in the four months to $28.8 billion.

The National Fund held $25.8 billion of the total reserves.

The National Bank said currency purchases in the domestic market and funds entered on government accounts with the National Bank were offset by a reduction in commercial bank correspondent accounts in foreign currency with the National Bank and by operations to service the government's foreign debt.

Net forex reserves grew 8.6% in April, and assets in gold rose 5.9% due to higher prices for the metal.