Kazakhstan's international reserves and National Fund assets showed steady growth: as of the end of July, gross indicators moved upward, bringing the country's total financial safety cushion close to $130 billion.
The spring-summer period was challenging – due to price swings on global markets, reserves experienced a deep decline, and gold, despite large-scale purchases, temporarily fell in dollar terms.
According to the National Bank, gross international reserves grew by just over 3% to $63.7 billion, partially offsetting the June decline. Positive dynamics covered all key components. The main driver of recovery was assets in freely convertible currency, which increased to approximately $15.5 billion. Additional growth came from monetary gold, whose value exceeded $48 billion.
Experts note that the appreciation of the gold reserve is largely technical, related to revaluation at market quotes rather than new purchases. As a result, July's growth was combined, relying on both the inflow of currency funds and favorable conditions in the precious metals market.
