Kazakhstan sees reserve growth and continued inflation decline

Kazakhstan's international reserves rose by nearly 90% since the beginning of 2024, reaching $67.6 billion in May 2026, according to Fitch Ratings. This growth was primarily driven by a 169% increase in the value of gold reserves, which now constitute 78% of the country's total international reserves.

The National Fund of the Republic of Kazakhstan (NFRK) reported assets totaling $66.4 billion as of May 2026. The government has set a target to increase NFRK assets to $100 billion by 2030.

Separately, the National Bank of Kazakhstan reported that annual inflation has declined for ten consecutive months, falling to 10.2% in July from a peak of 12.9% in September 2025. National Bank Chairman Timur Suleymenov attributed this trend to tight monetary policy, a stronger exchange rate, and coordinated anti-inflationary measures. To maintain this trend, the bank is continuing to withdraw liquidity from the financial system and is increasing minimum reserve requirements.