ASTANA – Kazakhstan’s economy grew by 4.8% despite a decline in oil production and prices in 2024, Governor of the National Bank of Kazakhstan (NBK) Timur Suleimenov said during a Jan. 28 expanded government meeting chaired by President Kassym-Jomart Tokayev, reported the Prime Minister’s press service.
Timur Suleimenov. Photo credit: Akorda
According to Suleimenov, the country’s overall inflation fell to 8.6%, which is 2.5 times lower than the 2023 peak. Food inflation stood at 5.5%, non-food inflation was 8.3%, contributing to the overall slowdown in inflation.
Housing and communal services tariffs increased by 21.1%, attracting more than 600 billion tenge (US$1.1 billion) in investments.
The tenge exchange rate fell by 15.5% due to geopolitical tensions and increased demand for foreign currency. To address this, the NBK implemented measures such as interventions and the mandatory sale of 50% of foreign exchange earnings by the quasi-public sector, among others.
Gold and foreign exchange reserves rose by 27.4% to $45.8 billion, providing coverage for 7.4 months of imports. Meanwhile, the National Fund’s assets reached $58.8 billion.
The NBK launched pilot projects using the digital tenge, focusing on transparency in subsidies and loan tracking. Additionally, the newly established Anti-Fraud Center blocked fraudulent activities worth 1.5 billion tenge ($2.8 million).
Looking ahead, the NBK plans to pursue a balanced monetary policy to achieve the medium-term inflation target of 5%. It also aims to develop digital financial infrastructure, enhance asset management for the Unified Accumulative Pension Fund and the National Fund, and create a stablecoin based on the digital tenge.
