Kazakhstan’s National Bank Reserves Rise to $62.1 Billion as Gold Portfolio Expands
Kazakhstan’s gross international reserves increased to $62.1 billion in November, supported by a notable expansion of the National Bank’s (NBK) gold portfolio, even as the tenge weakened under seasonal and external pressures.
According to the Kazakh Association of Financiers, trading volumes rose sharply to $335.6 million, reflecting elevated demand for foreign currency. Analysts attribute the tenge’s depreciation to year-end seasonal factors, including increased foreign-currency purchases for holiday travel, higher consumer spending, and accelerated budget execution.
Fresh data show that Kazakhstan’s gross international reserves grew by 2.7% (or $1.3 billion) in November, reaching $62.1 billion. The increase was primarily due to the NBK’s expanding gold holdings, which rose by 6.2% to $44.5 billion.
Together with the National Fund’s foreign-currency assets, which amounted to $63.6 billion, the country’s total international reserves reached $125.7 billion at the end of November — up by $1.5 billion from the previous month.
Photo credit: Kazakh Association of Financiers
