Kazakhstan’s external debt stood at $170.5 billion as of the second quarter of 2025, according to the National Bank of Kazakhstan. However, officials emphasize that the figure is not a cause for concern, Kazinform reports.
Chairman of the National Bank, Timur Suleimenov, noted that when assessing debt levels, it is important to consider the ratio of debt to the country’s gross domestic product (GDP).
“If we look at 2018–2019, the external debt level was also around $160–170 billion. But back then, Kazakhstan’s GDP was about $170 billion, which meant the debt-to-GDP ratio was 110–120%. Now, our debt-to-GDP ratio is around 57–58%. So the debt burden has decreased significantly,” Suleimenov explained.
The National Bank clarified that the lower debt burden is largely due to economic growth and a revision of several external obligations. A significant portion of Kazakhstan’s external debt belongs to the corporate sector, including transnational companies operating in the country.
Also today, the National Bank’s Monetary Policy Committee decided to maintain the base interest rate at 16.5%. During a briefing following the announcement, Chairman Suleimenov stated that Kazakhstan has no plans to revise its inflation targeting policy.
CentralasianLIGHT.org
July 11, 2025