Kazakhstan’s National Fund Assets Near Last Year’s Levels After Three Months of Growth

On August 11, the National Bank released updated statistics on international reserves, National Fund foreign currency assets, and gold holdings. According to the regulator, National Fund assets have been growing for three consecutive months and are now close to last year’s figures, Orda.kz reports.

As of July, the National Fund’s foreign currency assets stood at $60.59 billion — the highest since November 2024, when they reached $60.8 billion. Since the start of the year, the “oil savings” have grown by 2.98%.

Kazakhstan’s net international reserves have increased by 15.54% since early 2025, reaching $50.3 billion. Gold reserves rose by 37.66% to $32.8 billion in USD equivalent, likely because Kazakhstan ranks among the top three gold buyers globally.

Earlier, it was reported that in 2025, the government spent 65% more from the National Fund than it received in revenue. In the first half of the year, 60% of the planned annual transfers had already been withdrawn from the country’s oil fund.

Original Author: Nikita Drobny