Kazakhstan’s National Fund Grows to $65 Billion

National Bank Chairman Timur Suleimenov discussed Kazakhstan’s reserves, National Fund, pension assets and bank deposits at a government meeting, Orda.kz reports.

According to Suleimenov, Kazakhstan recorded a current account deficit of $2 billion in the first quarter, meaning the country spent more abroad on current transactions than it received.

Gross international reserves stood at $127 billion at the end of June, including more than $62 billion in gold and foreign exchange reserves. The National Fund’s assets increased by 2% to more than $65 billion,Suleimenov said.

During the reporting period, the National Fund received 1.9 trillion tenge, while an equal amount was transferred to the national budget. Its investment income for the first six months of the year reached 2.9%, or $1.9 billion.

Assets held by the Unified Accumulative Pension Fund rose by 6.7% to 26.8 trillion tenge. Investment income amounted to 1.1 trillion tenge, while pension contributions totaled 1.5 trillion tenge. Meanwhile, 404 billion tenge was withdrawn from the fund ahead of schedule.

The total volume of bank deposits increased by 15.6%, while tenge-denominated deposits grew by 20%. The share of foreign-currency deposits stood at 20%.

Original author: Ilya Astakhov

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