Kazakhstan’s gold and foreign exchange reserves fell by $1.4 billion in June to $35.1 billion as of July 1, Aliya Moldabekova, National Bank’s deputy chairman, said.

“The main reason for the reduction in gold reserves was the decline in the price of gold due to the strengthening of the US dollar,” she told reporters.

Gold price declined by 7 percent in June to $1,758 from $1,892 per ounce.

The share of gold in the national reserves was 62 percent.

The National Fund’s currency assets decreased by $1.1 billion over the month to $57.5 billion.

“The decrease in the currency assets of the National Fund over the past month is associated with the allocation of guaranteed and targeted transfers to the republican budget,” Moldabekova said.