Kazakhstan's gold and foreign currency reserves have decreased by over $250 million.
In October, the National Bank of Kazakhstan sold $253 million from its gold and foreign exchange reserves. This transaction is part of an asset conversion operation that the bank had to undertake following its acquisition of shares in Kazatomprom, as reported by Orda.kz.
https://orda.kz/zolotovaljutnye-rezervy-kazahstana-pohudeli-bolee-chem-na-250-mln-dollarov-393873/2024-11-01 07:33:30
Last month, over $1.3 billion was sold from the National Fund to support transfers to the republican budget. The Unified National Pension Fund (ENPF) ceased purchasing currency for its investment portfolio on October 10, as the volume of foreign currency assets in the pension fund reached 40%.
According to the National Bank's forecast, $130-140 million will be sold from gold and foreign currency reserves in November. To ensure transfers to the republican budget, an additional $1.2 to $1.3 billion is expected to be sold from the National Fund. There are no plans to purchase currency for the needs of the ENPF next month.
To learn more about the issues with Kazakhstan's budget and why it cannot be balanced, read the link.