International reserves of the National Bank of Kazakhstan reach $27 billion
It is noted that the foreign exchange reserves increased by USD 0.6 billion and reached 20.4 billion. According to the National Bank, the growth of foreign exchange reserves was mainly due to the replenishment of government accounts and banks' correspondent accounts with the NBK in foreign currency. Monetary base grew KZT 144 billion to KZT 3,860 billion. Banks' deposits with the NBK rose the fastest, KZT +224 billion to KZT 1,533 billion. Cash outside the NBK rose by KZT 2.7 billion to KZT 1,677 billion, within a stagnant trend of the last 18 months. Analysts of the portal attribute the growth of the international reserves and the monetary base to the opening of foreign exchange swaps, which offset the interventions in the spot market and kept the money market rates low. According to the daily assessment of traders, the volume of foreign exchange interventions in July was about USD 1.3 billion.
