Decline in Inflation and Growth of International Reserves: Kazakhstan’s Economy Demonstrates Stable Growth
According to Timur Suleimenov, Chairman of the National Bank of Kazakhstan, coordinated efforts between the National Bank and the government reduced inflation from 9.8% in 2023 to 8.6% in 2024. A report on the financial regulator’s activities was presented to the President of Kazakhstan. By the end of 2024, the country’s international reserves reached $104.7 billion, which Suleimenov described as a solid foundation enabling Kazakhstan’s economy to grow amid global uncertainties.
The National Bank’s head also highlighted investments in key infrastructure projects, with 238 billion tenge allocated in 2024. “The assets of the Unified Accumulative Pension Fund (UAPF) grew to 22.4 trillion tenge, marking a 25.9% increase over the year. Investment income doubled from 2023, reaching 3.4 trillion tenge, with a pension asset return rate of 17.8%,” Suleimenov noted.
He emphasized the ongoing development of Kazakhstan’s digital financial infrastructure, a priority area. Currently, the National Bank’s payment systems handle approximately 90% of all cashless transactions in the country. Pilot projects on the digital tenge platform are underway to enhance transparency in the use of public funds. Additionally, an interbank transfer system using phone numbers and QR codes has been launched, with all banks integrated. Efforts are also in progress to establish a legislative framework to regulate the digital financial assets market and related processes.
The National Bank’s head also highlighted investments in key infrastructure projects, with 238 billion tenge allocated in 2024. “The assets of the Unified Accumulative Pension Fund (UAPF) grew to 22.4 trillion tenge, marking a 25.9% increase over the year. Investment income doubled from 2023, reaching 3.4 trillion tenge, with a pension asset return rate of 17.8%,” Suleimenov noted.
He emphasized the ongoing development of Kazakhstan’s digital financial infrastructure, a priority area. Currently, the National Bank’s payment systems handle approximately 90% of all cashless transactions in the country. Pilot projects on the digital tenge platform are underway to enhance transparency in the use of public funds. Additionally, an interbank transfer system using phone numbers and QR codes has been launched, with all banks integrated. Efforts are also in progress to establish a legislative framework to regulate the digital financial assets market and related processes.