Trump’s tariffs prompt foreign investors to pull funds from Kazakhstan
Foreign investors began pulling out of Kazakhstani securities after U.S. President Donald Trump announced new tariffs on imported goods from more than 180 countries, according to National Bank Chairman Timur Suleimenov. He addressed the issue during a press briefing on April 11, adding that the situation has since stabilized.
Suleimenov said major global players — including investment managers, pension funds and other institutional investors — are actively investing in Kazakhstan’s securities market, particularly bonds issued by the Ministry of Finance and quasi-public entities.
However, he noted that during times of global uncertainty, foreign investors typically shift their capital from emerging markets to more stable assets such as the Japanese yen or Swiss franc.
«President Trump’s announcements prompted foreign investors to begin closing some positions,» Suleimenov said. «But the situation has now stabilized.»
He added that, although he couldn’t provide exact figures, foreign investor demand for U.S. dollars spiked during that time. Investors sold off securities denominated in tenge and converted the proceeds into dollars. As a result, currency trading volumes surged beyond typical levels.
On the Kazakhstan Stock Exchange (KASE), trading volumes were significantly elevated during the period:
- $368 million on April 4.
- $456 million on April 7.
- $260 million on April 8.
- $314 million on April 9.
- $294 million on April 10.
- $251 million on April 11.
On April 3, President Trump announced new import duties on dozens of countries, including Kazakhstan. However, on April 9, the U.S. suspended the implementation of those tariffs for 90 days for countries that refrained from imposing retaliatory measures. During that period, the tariff rate will stand at 10%. The U.S. raised tariffs on Chinese imports to 125%. In response, Beijing imposed reciprocal duties of 125% on goods from the U.S.
