Fitch Affirms Kazakhstan ‘BBB’ Rating with Stable Outlook

ASTANA – Fitch Ratings affirmed Kazakhstan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB’ with a stable outlook on Nov. 17, reported the agency’s press service.

Photo credit:

Fiscal solid position and significant external reserves, which have proven resilient to external shocks, remain the key factors maintaining Kazakhstan’s rating.

According to analysts, applying new fiscal rules will help improve the sustainability of public finances. Measures to further diversify the economy and export routes will positively impact the country’s development.

The agency projected Kazakhstan’s GDP growth at 5.1% in 2024 and 5.4% in 2025 due to solid investment growth, increased personal consumption, and an expansion of Tengiz operations.

Fitch expects inflation to average 14.8% in 2023 and moderate to 9.5% in 2024 and 8% in 2025. Deposit dollarisation levels have declined as well.

Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our Twitter, Facebook, Instagram, Telegram, YouTube and Tiktok!