Regulatory Alerts2025-07-16
Added · Updated
National Bank: Growth of National Fund's Foreign Exchange Assets Ensured by Investment Income
The National Bank of Kazakhstan reported that the National Fund's foreign exchange assets reached $60.3 billion in late June 2025, driven primarily by $4.7 billion in investment income that offset $4.95 billion converted to tenge for budget transfers. Strong performance across asset classes fueled this growth, with equities gaining $1.9 billion, developed-country government bonds adding $1 billion, emerging market assets rising $600 million, and gold surging $0.8 billion as its price exceeded $3,400 per ounce amid geopolitical tensions. The central bank's effective currency diversification, strategic suspension of gold sales in February 2025, and increased gold reserves to 62% of total assets successfully hedged against market volatility triggered by US trade tariffs and Middle East conflicts.