Kazakhstan’s net international reserves fell by $366 million (-0.73%) to $49.8 billion in June 2025, according to the National Bank. It marks the second consecutive monthly decline since the start of the year.
Gross international reserves, which include assets in freely convertible currencies and monetary gold, dropped by $282 million (-0.54%) to $52 billion.
Foreign currency reserves saw a sharper decline, falling by $903 million (-4.37%) to $19.7 billion in June. In contrast, gold reserves rose by $622 million (+1.96%) to $32.2 billion.
Since the beginning of the year, foreign currency assets have fallen 9.96%, while monetary gold reserves have surged by 35.29%. The growth in gold holdings, driven by both new purchases and higher global prices, has helped lift net international reserves by 14.41% compared to January.
Meanwhile, the National Fund of Kazakhstan, the country’s sovereign wealth fund, grew by 1% in June to reach $60.3 billion.
Data from the Ministry of Finance, however, indicates a decline in the size of the fund. Analysts at Jusan Invest explained the discrepancy by noting that the National Bank’s accounting includes shares in major national companies such as KazMunayGas and Kazatomprom, whose market values have significantly increased.
