Decline in Inflation and Growth of International Reserves: Kazakhstan’s Economy Demonstrates Stable Growth
According to Timur Suleimenov, Chairman of the National Bank of the Republic of Kazakhstan, joint efforts by the National Bank and the government have succeeded in slowing inflation from 9.8% in 2023 to 8.6% in 2024. A report on the financial regulator’s work was presented to the President of the country.
By the end of 2024, Kazakhstan’s international reserves reached $104.7 billion. As Suleimenov noted, the accumulated funds serve as a strong foundation for the country, enabling the economy to continue developing amid global instability.
The head of the National Bank also spoke about investments in key infrastructure projects, with 238 billion tenge allocated for this purpose in 2024 alone.
“Pension assets of the Unified Accumulative Pension Fund (UAPF) reached 22.4 trillion tenge, growing by 25.9% over the year. Investment income amounted to 3.4 trillion tenge – twice the figure for 2023. The return on pension assets stands at 17.8%,” Suleimenov stated.
He also emphasized the development of the national digital financial infrastructure, which remains a key area of focus. Currently, the National Bank’s payment systems process around 90% of all cashless transactions in the country. Pilot projects are being conducted on the digital tenge platform, aimed at increasing transparency in the use of public funds.
At the same time, an interbank transfer system via phone number and QR code has been launched, with all banks being connected. Work is underway to establish a legislative framework to regulate the digital financial asset market and govern all related processes.
By the end of 2024, Kazakhstan’s international reserves reached $104.7 billion. As Suleimenov noted, the accumulated funds serve as a strong foundation for the country, enabling the economy to continue developing amid global instability.
The head of the National Bank also spoke about investments in key infrastructure projects, with 238 billion tenge allocated for this purpose in 2024 alone.
“Pension assets of the Unified Accumulative Pension Fund (UAPF) reached 22.4 trillion tenge, growing by 25.9% over the year. Investment income amounted to 3.4 trillion tenge – twice the figure for 2023. The return on pension assets stands at 17.8%,” Suleimenov stated.
He also emphasized the development of the national digital financial infrastructure, which remains a key area of focus. Currently, the National Bank’s payment systems process around 90% of all cashless transactions in the country. Pilot projects are being conducted on the digital tenge platform, aimed at increasing transparency in the use of public funds.
At the same time, an interbank transfer system via phone number and QR code has been launched, with all banks being connected. Work is underway to establish a legislative framework to regulate the digital financial asset market and govern all related processes.