In December 2024, the foreign exchange assets of Kazakhstan’s National Fund fell by $2.08 billion, marking a 3.41% decline month-on-month (MoM). The assets totaled $58.81 billion, the lowest level since November 2023, according to the National Bank.
By the end of 2024, foreign currency assets of the National Fund had decreased by 2.02% or $1.21 billion. In contrast, November exhibited a positive trend compared to the beginning of the year, reflecting a 1.43% increase, equivalent to $861 million.
The National Bank also reported notable growth in gross international reserves, which reached $45.8 billion at the end of December, an increase of 3.6% or $1.59 billion MoM. Over the year, gross international reserves grew by 27.45% or $9.87 billion.
This growth was primarily driven by assets in freely convertible currency, which increased by $5.53 billion to reach $21.97 billion, contributing 56.07% of the total growth in reserves. Monetary gold also showed substantial year-on-year growth, rising by $4.33 billion to $23.84 billion, accounting for 43.93% of total reserve growth.
According to the Ministry of Finance, the National Fund’s total size grew by approximately $6.8 billion in 2024. It increased from 29.8 trillion tenge (about $63 billion) at the beginning of the year to 33 trillion tenge (roughly $70 billion) by year-end. Over the year, the National Fund disbursed nearly $4 billion in guaranteed transfers and $7.6 billion in targeted transfers.
