International reserves of Kazakhstan reach $30 billion

The international reserves of the National Bank of Kazakhstan reached $30 billion, Bank Chairman Daniyar Akishev said.

The excessive liquidity is observed at the monetary market, which is addressed by issuance of notes. By October 12, net withdrawal of liquidity by the National Bank reached 3 trillion tenge, he said.

Tenge OverNight Index Average (TONIA) made 8.03%, which is below the bottom of the interest rate collar.

“The National Bank such level of TONIA is not right, since it bars from achievement of the goal in monetary transactions. This is why we find it necessary to bring TONIA closer to the key rate. This measure will make rates at the monetary market more predictable. We consider various options, including reduction of the range of the interest collar,” the central bank chair said.