National Fund Assets Reach $64.6 Billion as Kazakhstan Cuts Withdrawals

It has become known how much money has accumulated in Kazakhstan’s National Fund. At the same time, the country has significantly reduced the volume of withdrawals from it, Orda.kz reports.

This was announced by National Bank Deputy Chair Aliya Moldabekova. According to her, after the introduction of a new budget rule and changes to the Tax Code, transfers from the fund were almost halved. If last year guaranteed and targeted transfers exceeded 4 trillion tenge, then about 2.2 trillion tenge is planned for 2026.

This is already a significant reduction, because this year no targeted transfers were planned, only guaranteed transfers. This allows us to withdraw much less from the National Fund and allows the National Bank, as its manager, to focus more on the management and growth of the fund.Moldabekova said on the sidelines of the Senate.

At the end of 2024, the National Fund posted record investment income of $6.17 billion. Despite significant withdrawals, its assets increased from $58.8 billion at the end of 2023 to $63.9 billion at the end of 2024. At present, the market value of the fund is about $64.6 billion.

The National Bank stressed that transfers will now be limited by the budget rule: the guaranteed transfer is tied to a conservative oil price, while the targeted transfer is tied to the established ceiling on public spending.

Original author: Ilya Astakhov

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