Record Gold Reserves And Slower Inflation: What The National Bank Reported To Tokayev

Kassym-Jomart Tokayev heard a report from the National Bank’s leadership on its results for 2025 and plans for 2026, Orda.kz reports.

National Bank Chairman Timur Suleimenov reported to the president on inflation, the state of the financial sector, the country’s gold and foreign exchange reserves, the assets of the National Fund and the Unified Accumulative Pension Fund, as well as digital projects.

According to the National Bank, inflation in Kazakhstan slowed to 12.3% in 2025. The decline continued this year: by the end of May 2026, the indicator stood at 10.4%.

Tokayev was also presented with data on state assets. At the end of last year, gold and foreign exchange reserves reached a record $65.4 billion. The foreign currency assets of the National Fund increased by $5.1 billion to $63.9 billion.

Kazakhstanis’ pension savings also increased. UAPF assets grew by 2.7 trillion tenge over the year, reaching 25.1 trillion tenge.

Special attention at the meeting was paid to the digitalization of the financial system. In 2025, a special legal regime for digital assets was launched. More than 30 pilot projects were implemented under it, including the tokenization of real assets, the issuance of stablecoins, the work of crypto providers, and the development of crypto-fiat channels.

Kazakhstan was the first in the region to launch the National Digital Financial Infrastructure, which combines secure biometrics, interbank settlements, a financial information exchange system, the digital tenge, fraud protection, and modern digital services,Akorda reported.

Original author: Rustam Muratov

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