Kazakhstan's international reserves increased in July 2026 after a significant decline the previous month. According to the National Bank, gross international reserves increased by 3.05% to $63.7 billion as of August 1, Kursiv.kz reported.
The main contributor to this increase was the growth of assets in freely convertible currencies, up 9.02% to $15.5 billion. However, their volume has decreased by 14.5% year-to-date.
The value of monetary gold increased by 1.26% in July to $48.2 billion, and by almost 2% year-to-date. Net international reserves increased by 3.18% to $61.7 billion. The National Fund's foreign currency assets also increased by 0.79% to $66 billion, representing a 3.32% increase from the end of 2025.
The reserve structure demonstrates the growing role of gold in ensuring Kazakhstan's financial stability. Monetary gold accounts for approximately three-quarters of gross international reserves, reducing dependence on foreign exchange assets but simultaneously making the overall value of reserves sensitive to global gold prices.
The July recovery is a positive sign after the June decline, but the decline in foreign exchange assets since the beginning of the year indicates the continued need to maintain sufficient liquid reserves.
The growth of the National Fund's assets, meanwhile, creates an additional financial cushion for Kazakhstan and strengthens its ability to mitigate external economic and price risks.
CentralasianLIGHT.org
August 11, 2026