National Bank Presents 2022 Economic Results to President Tokayev

ASTANA – Kazakh President Kassym-Jomart Tokayev approved the National Bank’s annual report on the results of the implementation of the monetary policy for 2022, measures to ensure financial stability, the level of gold and foreign exchange reserves and the National Fund’s assets, reported the Akorda press service on May 16. 

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According to the report, dollarization decreased to 31.6%, while the volume of lending by second-tier banks of the economy increased by 23.3% to 22.8 trillion tenge ($50.6 billion), including by 13.9% for business loans, reaching 9.6 trillion tenge ($21.3 billion). 

Loans to the economy increased by 21.7% totaling 28.9 trillion tenge ($64.1 billion). 

Gross international reserves increased by $1.2 billion, reaching $90.8 billion, including gold and foreign exchange reserves ($35.1 billion) and assets of the National Fund ($55.7 billion). 

In annual terms, the Unified Accumulative Pension Fund’s return on pension assets stands at 9.33% since its consolidation in 2014.

Fitch Ratings and S&P Global Ratings confirmed the sovereign rating of Kazakhstan at BBB with a stable outlook.

President Tokayev highlighted that the economy’s primary issues are inflation, macroeconomic and energy instability.

“The International Monetary Fund expects a significant slowdown in global growth from 6.2% in 2021 to 3.4%, as well as price pressure increase. This affects the country’s economic development and points to the need for more coordinated and efficient work of the government, the National Bank, and other state bodies,” Tokayev said.

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