Kazakhstan’s International Reserves Hit $104.7 Billion

Chairman of the National Bank of Kazakhstan Timur Suleimenov focused on the details of the Bank’s report for 2024 and plans for 2025 that were earlier submitted to the Head of State.

In a post on his Facebook account, Suleimenov noted that thanks to the joint efforts of the National Bank and the Government it became possible to slow down inflation from 9.8% in 2023 to 8.6% in 2024, The Caspian Post reports, citing Kazinform.

The country’s international reserves reached 104.7 billion US dollars, a strong buffer amid global instability. In particular, gold and foreign exchange reserves grew by 27.5% to 45.8 billion US dollars due to gold transactions and high investment income. As of today, their volume hit a record high of 52.3 billion US dollars.

The assets of the National Fund rose to 58.8 billion US dollars. The returns of the fund’s currency portfolio amounted to 7.6%. The fund’s resources are invested in key infrastructure projects. In 2024 alone, up to 238 billion tenge were channeled to support projects.

The retirement assets of the Unified Accumulative Pension Fund made 22.4 trillion tenge, 25.9% up. Its investment revenues doubled to hit 3.4 trillion tenge compared to 2023.

Following the meeting the Head of State prioritized curbing inflation, increasing reserves, strengthening confidence in the financial system and developing digital infrastructure.