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KAZAKHSTAN ECONOMIC RESEARCH
Kazakhstan Macroeconomic PerformanceThis Section is contributed by Kazkommerts Securities
September 1998
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Inflation, being one of the major indicators of the healthiness of an entire financial system, has been declining steadily throughout last four years. During the first seven months of 1998, the inflation rate declined. |
 Sources: National Statistics Committee, KS Research Inflation and exchange rate dynamics, % change
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 Net Foreign Reserves |
The Net Foreign Reserves of the NBK increased between 1993-1998, and as of 1 July 1998 were USD 1.45 billion. The graph below shows that every Kazak Tenge issued by the National Bank is covered by the NBK’s Net Foreign Reserves and the NBK can pay back in hard currency or cash for all the Tenge issued. |
Net Foreign Reserves vs Reserve Money, USD million
 Sources: National Bank , KS Research
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| Money indicators |
The fluctuations of reserve money (the Money Base) during 1H98 were minor. The absolute amount of reserve money declined by 25.9% (from January to June 1998). All other monetary aggregates (M0, M1, and M2) also remain stable throughout 1H98. |
Kazakhstan Weekly News is also available free of charge on E-mail. To subscribe via E-mail, please contact us on Lydia@kazks.kz or Madina@kazks.kz. |
| © Kazkommerts Securities 1998. Please
cite source when quoting. This report has been prepared by Kazkommerts Securities and provided solely for information purposes to recipients only. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. This information does not constitute an offer to buy or sell securities. Kazkommerts Securities or its affiliated persons may be buying, selling or holding long or short positions, acting as investment bankers, be represented on the Board of the issuers in securities mentioned herein. This report is not intended for the use of private investors. Investment in Kazakhstan markets is an extremely risky activity and many persons, physical and legal, may be completely or partially restricted from dealing in the Kazakhstan securities markets. |
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