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Deficit of balance of payments of Kazakhstan amounted to $6.3 billion, according to the National Bank

The current account of the balance of payments formed a $6.3 billion deficit, compared with a $7.3 billion deficit in 2019. The main factor behind the improvement in the current account was a decrease in income payable to foreign investors, as well as inflow of foreign exchange in the amount of $1.3 billion from the participants of the Karachaganak consortium received as part of dispute settlement between the Republic of Kazakhstan and the consortium, the press service of the organization reports.
Deficit of balance of payments of Kazakhstan amounted to $6.3 billion, according to the National Bank

Exports of goods in the reporting period reduced by 19.7% compared to 2019 to $46.7 billion. The decrease in exports is mainly due to a drop in exports of oil and gas condensate. Imports of goods fell by 9.6% to $36.2 billion, due to a decrease in import of investment and intermediate goods. As a result, the surplus of trade balance decreased by 42.1% to $10.5 billion.

At the end of 2020, revenues payable to foreign direct investors dropped by 34.6%, to $13.9 billion, influenced by the decline in oil prices and the COVID-19 pandemic.

Net capital inflow on the financial account (excluding operations with reserve assets of the National Bank) as of 2020 amounted to $15.3 billion, the net outflow in 2019 was $1.6 billion. The inflow was mainly provided by further funding of the future expansion project of Tengizchevroil LLP, placement of sovereign bonds by the Ministry of Finance of the Republic of Kazakhstan, attraction of the government loan from the Asian Development Bank and operations of the National Fund of the Republic of Kazakhstan.

As of January 1, 2021, the reserve assets (excluding assets of the National Fund of the Republic of Kazakhstan) were estimated at $35.6 billion, which covered the funding needs of 9.7 months of Kazakhstani import of goods and services.

Photos are from open sources.

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