January 2026 marked a milestone for Kazakhstan's financial system. Driven by an unprecedented rally in the global precious metals market, the gold portion of the country's international reserves reached $55.3 billion, more than doubling compared to January of last year, Forbes.kz reports.
Explosive Growth in National Bank Assets
Statistics from the National Bank of Kazakhstan for January demonstrate a rapid strengthening of the country's financial position:
- Gold Reserves: Increased by 17.1% in a single month and over 100% year-on-year.
- Gross Reserves: Rose to $71.6 billion (a 51% annual increase).
- Net Reserves: Reached $69.5 billion (up 54.4% year-on-year).
The primary driver was the asset's soaring value: in late January, spot gold prices shattered historical records, surpassing $5,300 per ounce. According to the National Bank's exchange rate at month-end, one gram of gold was valued at 89,000 tenge.
National Fund: Foreign Currency Assets and Transfers
Assets of the National Fund also maintained positive momentum, reaching $64.7 billion in foreign currency equivalent (a 10.6% annual increase).
Key National Fund indicators for January:
- Total Funds: Increased to 38.1 trillion tenge.
- Currency Sales: To facilitate budget transfers of 230 billion tenge, the National Bank sold $350 million (178 billion tenge) from the fund.
- Balance: By early February, the fund's tenge account held 130 billion tenge.
CentralasianLIGHT.org
February 11, 2026