The value of Kazakhstan’s net international reserves reached $55.5 billion at the end of September 2025, according to data released by the National Bank. Soaring gold prices played a major role in the increase.
The reserves increased by $3.3 billion (6.3%) month-on-month. Since the start of the year, they have grown by nearly $12 billion, representing a 27.4% increase.
Kazakhstan’s international reserves comprise assets held in freely convertible currencies (FCC) and monetary gold. Assets in FCC fell 8.4% in September, or about $1.6 billion, to $18 billion, marking an 18.2% decline since January.
In contrast, the value of the country’s monetary gold surged. At the end of August, gold holdings were valued at $39.7 billion; by late September, that figure had risen 14.5%, or $5 billion, and had climbed 66.5% since the start of 2025.
The rally coincides with record-breaking global gold prices. On Oct. 7, gold futures surpassed $4,000 per troy ounce for the first time in history, as investors sought safe-haven assets amid uncertainty over the U.S. government shutdown.
