20000418

Kazakh gold/forex reserves rise to $1.983 bln

ALMATY: Kazakhstan's gross foreign currency and gold reserves rose to $1.983 billion on April 14 from $1.873 billion on March 31, the National Bank said in a statement on Monday.

Net reserves, calculated by subtracting hard currency obligations to creditors, rose in the week to $1.568 billion from $1.449 billion, the bank said.

The central bank also said the monetary base had risen to 103.0 billion tenge from 101.6 billion tenge on March 31.

Gross reserves included $1.475 billion in foreign exchange, up from $1.376 billion, and gold reserves of $507.7 million versus $497.1 million a fortnight ago.

"The $110.3 million rise in gross reserves is due to an increase of $99.7 million in foreign exchange reserves," the bank said.

It added that the value of its gold reserves had risen by $10.6 million because of a 2.0 percent rise in world gold prices.

The former Soviet republic effectively devalued its tenge currency a year ago and said it would refrain from further heavy intervention, after its reserves were drained while defending the tenge in late 1998. -Reuters