Gross reserves of the National Bank of Kazakhstan increased by 11.4% to $70.6 billion in July, while National Fund assets grew by 3.2% to $68.2 billion, bringing the country’s total international reserves to $138.8 billion by early September.
The growth in the National Bank’s gross reserves was driven by an expansion of the gold portfolio to $55.8 billion (+15.8%), which offset a decline in foreign currency—including second-tier bank funds held in NBK accounts and deposits—to $14.8 billion (-2.5%).