29 Jan 2010 13:29

Kazakhstan increased gold and forex reserves 25 times of 10 yrs - Nazarbayev

ALMATY. Jan 29 (Interfax) - Kazakhstan's gold and forex reserves increased 25 times over ten years, Kazakh President Nursultan Nazarbayev said in his annual address to the republic.

"Gross international reserves and assets in the National Fund exceeded $50 billion and increase over 25 times in the past 10 years," he said.

"Thanks to the fund, we not only carried our anti-crisis measures but also returned very important assets to the state, which had been forced into sale when we had difficulties - Ekibastuz GRES-1, Mangistaumunaigaz and a stake in Kashagan," Nazarbayev said.

It was earlier reported that the assets in Kazakhstan's National Fund at the start of 2010 came to $24.368 billion, down for 2009 by 11.34%.

The National Bank of Kazakhstan's gold and forex reserves increased in 2009 in 16.8% to $23.218 billion. Total assets in hard currency increased by 15.9% to $20.718 billion while assets in gold went up by 25% to $2.5 billion.