Foreign Investors Put 2.6 Trillion Tenge Into Kazakh Government Bonds

In July 2026, non-residents increased their holdings of Kazakhstan’s government securities by 92.2 billion tenge, bringing the total to 2.6 trillion tenge amid high interest rates, Orda.kz reports, citing the Association of Financiers of Kazakhstan.

Since the beginning of the year, foreign investors’ holdings of Kazakh government securities have grown by 32.9%. Their share of the market increased from 6.2% to 7.2%, according to data from the National Bank and the Central Securities Depository.

However, the inflow of foreign capital slowed in July. Non-resident holdings increased by 3.7% during the month, compared with growth of 185.1 billion tenge, or 7.9%, in June.

Financial analysts attribute foreign investors’ interest in tenge-denominated assets to Kazakhstan’s high real interest rates and relative macroeconomic stability.

Foreign investment in government securities can support demand for the tenge. However, these investments are sensitive to changes in interest rates, the national currency’s exchange rate and assessments of risks facing Kazakhstan’s economy.

The increase in non-resident holdings of government securities comes as foreign direct investment declines. Earlier, Orda.kz reported that Deputy Prime Minister Serik Zhumangarin had explained why Kazakhstan’s net investment inflow had turned negative.

Original author: Alexander Zhdanov

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