Kazakhstan’s Gold and Foreign Exchange Reserves Increase by $16.3 Billion
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Head of State Kassym-Jomart Tokayev has received the Governor of the National Bank, Timur Suleimenov, Qazinform News Agency learned from the Akorda press service.
Suleimenov noted that since the year beginning, currency assets of the National Fund have increased by 4.8 billion US dollars.
Investment income reached about 8.2 billion US dollars, rising by 13.7% in the reporting period.
Meanwhile, in the same period, gold and currency reserves augmented by 16.3 billion US dollars (+36%), reaching 62.1 billion US dollars.
The volume of the pension assets portfolio of the Unified Accumulative Pension Fund has increased by 2.6 trillion tenge or by 11.7%, having reached 25 trillion tenge since January.
The President was also reported about the large-scale digitalization and implementation of digital projects by the National Bank, including those related to the Anti-Fraud Center’s activity and technological implementation of the national digital financial infrastructure.
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Kazakhstan and Malaysia Strengthen Cooperation in Trade, Investment and Industry
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Ambassador of Kazakhstan to Malaysia Bulat Sugurbayev held a meeting with Malaysia’s Minister of Investment, Trade and Industry Johari bin Abdul Ghani. The meeting was also attended by Rustam Karagoyshin, Chairman of the Management Board of the National Managing Holding "Baiterek", as well as the leadership of the Damu Entrepreneurship Development Fund, the Industry Development Fund, and representatives of Allur Group, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
Ambassador B. Sugurbayev noted the significant growth in bilateral trade, which increased by 53% in 2025 to reach USD 221 million. A positive impetus to cooperation was provided by the visit of a Kazakh trade delegation led by the Minister of Trade and Integration of Kazakhstan Arman Shakkaliyev, as well as the signing of a Memorandum of Cooperation between QazTrade and its Malaysian partner MATRADE last year.
Johari bin Abdul Ghani noted that Malaysia views Kazakhstan as an important partner and a major regional hub for accessing the markets of Central Asia. The Minister expressed readiness to further strengthen trade, economic and investment cooperation. The parties also discussed the development of bilateral cooperation mechanisms, including the next meeting of the Joint Trade and Economic Committee and the activation of the Kazakhstan-Malaysia Business Council.
Particular attention was paid to transport and logistics cooperation. Ambassador Sugurbayev highlighted Kazakhstan’s strategic role as a transit hub between Asia and Europe, including within the framework of the development of the Trans-Caspian International Transport Route (TITR). It was noted that the expansion of railway connectivity between mainland Southeast Asia and China creates additional opportunities to integrate cargo flows with this route. The Ambassador expressed confidence that Kazakhstan could serve as an important platform for Malaysian companies seeking to enter not only the markets of Central Asia and the Eurasian Economic Union, but also Europe. He also proposed considering the establishment of a Malaysian Trade House at the Khorgos International Centre for Cross-Border Cooperation.
Rustam Karagoyshin, Chairman of the Management Board of Baiterek, informed about plans to involve the Malaysian company Proton in the development of the automotive industry in Kazakhstan. The joint production project is expected to create a multiplier effect in Kazakhstan’s economy through job creation and support for local entrepreneurship.
In addition to this investment and technology partnership project, the delegation of Baiterek also discussed expanding cooperation with Malaysia’s financial sector, development institutions and organizations supporting small and medium-sized enterprises.
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Kazakhstan launches extensive modernization of communal and energy infrastructures
President Kassym-Jomart Tokayev announced that the Government has begun large-scale modernization of communal and energy infrastructures at the III Republican Forum of Maslikhat Deputies of all levels, Qazinform News Agency reports, citing the Akorda press office.
Maintenance works in all operating 37 thermal power plants (TPP) have been completed or planned. The task has been set to build three new TPP plants in Kokshetau, Semey, and Oskemen regions without any delays. The start of new combined-cycle gas turbine (CCGT) plants in the Turkistan and Kyzylorda regions has been planned. This year, more than 440 electrical substations and over 17,000 km of power grids are scheduled for modernization. The development of nuclear power is seen as a key factor for securing Kazakhstan’s power self-sufficiency and diversification of our economy. At the 2024 referendum, our citizens made a strategic decision to build the first nuclear power plant in Kazakhstan," the President stated.
The Head of State also noted that peaceful nuclear development and clean carbon generation are fields that help form our country’s sovereignty.
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Kazakhstan modernizes and builds more than 220 water facilities in 2026
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The state takes systemic measures to develop the entire complex of water infrastructure. This is what President Kassym-Jomart Tokayev said, addressing the III Republican Forum of Maslikhat Deputies, Qazinform News Agency learned from the Akorda press service.
In his remarks, Kassym-Jomart Tokayev emphasized that the state had launched an unprecedented large-scale work to modernize critically important infrastructure.
He noted that despite its vast territory, Kazakhstan continues to face an acute shortage of water resources.
Ensuring access to quality drinking water for the population, as well as meeting the growing demands of the economy, remains an issue of strategic importance," Tokayev said.
The President reminded that last year, a desalination plant was commissioned in Kenderli, providing the city of Zhanaozen with a stable water supply. This autumn, the Shardara group water pipeline system is set to be launched, which will deliver drinking water to 30,000 residents.
The state takes systemic measures to develop the entire complex of water infrastructure, said the President.
In particular, the reconstruction of the Koksaray Water Reservoir in Turkistan region was launched; water reservoirs are being built in Kyzylorda and Zhambyl regions.
These projects are crucial for agriculture and improving well-being of the population and will be completed next year. In general, more than 220 projects are being implemented this year to modernize and build new water facilities," said the President.
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Prospects for Cooperation between Kazakhstan and the World Bank Group were Discussed at the Ministry of Foreign Affairs of Kazakhstan
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First Deputy Minister of Foreign Affairs of the Republic of Kazakhstan Yerzhan Ashikbayev held a meeting with Andrei Mikhnev, Regional Director for Central Asia of the World Bank, and Zafar Khashimov, Country Manager of the International Finance Corporation in the Republic of Kazakhstan, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
During the meeting, the parties discussed the current state and prospects of cooperation between Kazakhstan and the World Bank Group, including the preparation of a new Country Partnership Framework with Kazakhstan for 2026-2031.
First Deputy Minister Ashikbayev emphasized the strategic nature of Kazakhstan’s cooperation with the World Bank Group, which has remained one of the country’s key international partners for many years, supporting the implementation of infrastructure projects and socio-economic reforms. It was noted that under the Country Partnership Framework for 2020-2025, 14 projects totaling approximately 4.2 billion US dollars were implemented in Kazakhstan.
Regional Director Mikhnev briefed the Kazakh side on the preparation of the new World Bank Country Partnership Framework, the Bank’s current program in Kazakhstan, as well as prospective projects in transport infrastructure, modernization of the municipal and energy sectors, water resource management, and support for structural reforms.
Country Manager Khashimov presented an overview of the International Finance Corporation’s current activities in Kazakhstan, including projects in transport infrastructure, the financial sector, and microfinance, as well as consulting initiatives aimed at developing the mortgage market and promoting electromobility programs.
The parties also discussed promising areas of cooperation, including digital transformation of the economy, development of transport and railway infrastructure, modernization of municipal services, water resource management, and expansion of public-private partnership mechanisms.
At the end of the meeting, the parties reaffirmed their mutual interest in further strengthening the partnership and developing constructive dialogue between the Government of the Republic of Kazakhstan and the World Bank Group.
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Kazakhstan and Switzerland are Strengthening Cooperation in Nuclear and Renewable Energy
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Ambassador of Kazakhstan to Switzerland Kairat Sarzhanov met with the Director of the Swiss Federal Office of Energy Benoît Revaz, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
The parties discussed the current state and future prospects of Kazakhstan-Switzerland cooperation in the energy sector, including the development of nuclear and renewable energy, improving energy efficiency, and coordination of positions on international platforms. The successful partnership between the company "Kazatomprom" and the Swiss energy concern "Axpo Power", as well as the collaboration between the National Nuclear Center of Kazakhstan and the Swiss organization NAGRA in the field of radioactive waste management, was highlighted. These projects serve as clear examples of a high level of trust and stability in bilateral relations.
Ambassador of Kazakhstan informed the Swiss side about the implementation of Kazakhstan’s national nuclear energy development program and confirmed Astana’s interest in expanding cooperation in the peaceful use of nuclear energy.
The discussion also covered potential collaboration in renewable energy, including the modernization of hydroelectric infrastructure. Key priority areas identified include improving energy efficiency, introducing advanced waste processing technologies, and developing circular economy principles.
Following the meeting, the parties agreed to strengthen contacts between the sectoral organizations of the two countries to fully realize the potential for cooperation and exchange best practices in nuclear and "green" energy.
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Kazakh Energy Ministry says Tengiz oilfield resumes output
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Kazakhstan's Tengiz oilfield has resumed crude oil production, the country’s Energy Minister Yerlan Akkenzhenov said on Wednesday, Qazinform News Agency correspondent reports.
The Tengiz restarted production with output at up to 120,000 tons per day", - said the minister.
Akkenzhenov added the Commission’s work to identify the causes of the fire is nearing completion, and that the result is to be announced soon.
To note, a fire broke out at the Tengiz oilfield, leading to the evacuation of over 450 employees, earlier this year.
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Brent crude oil price exceeds $119 per barrel for first time since June 17, 2022
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The price of Brent crude oil for May 2026 delivery exceeded 119 US dollars per barrel on London's ICE Exchange for the first time since June 17, 2022, according to trading data, Qazinform News Agency cites the TASS.
As of 5:30 a.m. Moscow time (2:30 a.m. GMT), oil was trading at $119.36 per barrel (up 28.77%).
By 5:35 a.m. Moscow time (2:35 a.m. GMT), the price of oil was at $117.8 per barrel (up 27.09%).
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National Bank Keeps the Base Rate at 18%
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The Monetary Policy Committee of the National Bank of Kazakhstan has decided to set the base rate at 18% with a corridor of +/- 1 percentage point. The decision is based on the forecast round results, updated assessments of key macroeconomic indicators and inflation risks balance, nationalbank.kz reports.
Annual inflation slowed down to 11.7% in February (12.2% in January) in line with forecast. Price growth is slowing across all inflation components. The food prices growth amounted to 12.7% (12.9%), non-food - 11.6% (11.7%), paid services - 10.8% (12%).
Disinflation is being supported by moderately tight monetary conditions, appreciation of the tenge, slowdown in unsecured consumer lending, reduction of excess liquidity through gradual increase of minimum reserve requirements and mirroring of gold purchases, comprehensive set of anti-inflationary measures implemented jointly with the Government. The moratorium on increase in prices for utilities and fuel contributes to the inflation decline as well. The impact of the VAT rate increase on inflation assessed limited.
At the same time, monthly inflation has accelerated and reached 1.1% in February 2026. The core inflation stood at 0.8%
Household inflation expectations one year ahead have decreased, but remain elevated and volatile (13.7% in January). February inflation expectations of professional market participants for 2026 have decreased to 10.0% (10.8% in January).
Global food prices continue to slow. Prices for dairy products and sugar continue to decline. Global prices increase has been recorded for cereals and vegetable oils.
Inflation remains elevated in Russia, the target is expected to be reached by 2027. The price growth in the European Union remains persistently low. In the United States the inflation is approaching its target under the US Federal Reserve calibrated policy.
Under the baseline scenario, in the first half of the year Brent oil prices are projected to be temporarily higher than previously assumed, amid persistently elevated prices associated with the escalation of the conflict in the Middle East. Thereafter, oil prices are assumed to gradually decline to around USD 60 per barrel, based on the balance of global supply and demand. According to forecast, on average, it will amount to USD 66.3 per barrel in 2026 and stabilize at around USD 60 per barrel in the following years.
The inflation forecast for 2026 has been revised downward. Price growth is projected at 9.5-11.5% (previously 9.5-12.5%). Along with this, the National Bank expects the inflation to reach single-digit levels as a result of the implementation of joint actions by the Government and the National Bank, ensuring predictable fiscal and quasi-fiscal policies, as well as a reduction in the contribution of utilities and fuel prices to inflation growth. Inflation is projected to slow to 5.5%-7.5% by the end of 2027. By the end of 2028, it will be close to the 5% target.
Pro-inflationary risks have somewhat eased following the moderate price response to the VAT rate increase. Risks continue to be concentrated in domestic factors, including the effects of increases in regulated prices and elevated inflation expectations. The actual implementation of the planned budget consolidation in 2027-2028, as well as the scale and parameters of quasi-fiscal stimulus, also require attention. If transfers from the National Fund are not reduced as planned, the budget deficit does not decline, or quasi-fiscal stimulus expands without sufficient control, the disinflationary effect may weaken.
GDP growth forecast for 2026 remains in the range of 3.5-4.5%. A more balanced trajectory of economic activity in 2026 and further is expected due to the high base. Domestic demand is expected to slow amid fiscal consolidation and cooling consumer lending.
The National Bank will continue to assess the pace of inflation slowdown, the developments in domestic demand, the actual execution of fiscal consolidation measures, and the implementation quality of quasi-fiscal stimulus policies. The effectiveness of anti-inflationary measures will also be monitored jointly with the Government, along with developments in utility and fuel prices and the ongoing adaptation of households and businesses to the tax reform. Subject to a sustained slowdown in inflation and the absence of new pro-inflationary shocks, the possibility of the base rate cut will be considered from the second half of 2026. Under current conditions, the space for monetary policy easing has not yet developed.
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