Astana (TDI): Kazakhstan’s international reserves have reached $104.7 billion, a figure that represents a solid buffer of stability amid global economic challenges.
Chairman of the National Bank of Kazakhstan Timur Suleimenov shared the figures during his recent presentation of the 2024 performance report and 2025 plans to President Kassym-Jomart Tokayev.
One of the key achievements shared by Suleimenov was the reduction of inflation, which dropped from 9.8 percent in 2023 to 8.6 percent last year.
He said in a statement that the drop in inflation is a result of strategic steps aimed at stabilizing the national economy.
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Kazakhstan’s gold and foreign exchange reserves increased by 27.5 percent, hitting $45.8 billion. This surge is attributed to gold transactions and high investment income. As a result, the total volume of the country’s international reserves have reached record $52.3 billion.
The assets of the National Fund hit $58.8 billion. The yield on the fund’s currency portfolio was recorded at 7.6 percent. A major portion of the National Fund’s resources has been directed toward financing major infrastructure projects, with $467.8 million allocated for such initiatives last year alone.
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The report underlined the growth of pension assets managed by the Unified Accumulative Pension Fund, which went up by 25.9 percent to hit $44 billion.
Investment income from these assets amounted to $6.7 billion, doubling the 2023 figure, and the yield on pension assets reached 17.8 percent.
Suleimenov stated that the National Bank was committed to the development of the country’s digital financial infrastructure.
Farkhund Yousafzai is an Associate Editor at The Diplomatic Insight.
