Kazakhstan’s gross international reserves rose to $62.1 billion in November, driven by a sharp increase in the National Bank’s (NBK) gold holdings, even as the tenge continued to weaken amid seasonal and external pressures.
Trading volumes increased significantly to $335.6 million, indicating strong demand for foreign currency. Analysts attribute the tenge’s weakening to several factors, including the year-end seasonal rise in foreign currency purchases linked to holiday travel, higher consumer spending, and accelerated budget execution, reported the Kazakh Association of Financiers on Dec. 10.
Gold portfolio drives growth in international reserves
According to newly published data, Kazakhstan’s gross international reserves increased by 2.7$, or $1.3 billion, in November, reaching a total of $62.1 billion. The rise was driven largely by growth in the NBK’s gold portfolio, which expanded by 6.2% to $44.5 billion.
When combined with the National Fund’s foreign-currency assets, which stood at $63.6 billion, the country’s total international reserves reached $125.7 billion at the end of November, an increase of $1.5 billion.
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