ASTANA, Kazakhstan, August 8. In July 2025, Kazakhstan's National Fund let go of foreign currency to the tune of about $700 million, Trend reports via Kazakhstan’s National Bank.
These funds were allocated to support transfers to the national budget and to finance a major infrastructure project—the construction of the Taldykorgan-Usharal main gas pipeline.
“Sales from the National Fund accounted for roughly 12 percent of total trading volume on the Kazakhstan Stock Exchange, which equates to about $32 million per day. The volume of foreign currency sales by quasi-public sector entities under the mandatory requirement amounted to around $450 million, further supporting the foreign exchange market,” the statement reads.
Based on the early bird government forecasts and the anticipated tax windfall in August, the National Bank is gearing up to offload somewhere between $400 and $500 million from the National Fund. These measures are designed to keep the financial ship steady and meet our budgetary commitments without missing a beat.
Additionally, in July, the National Bank continued to maintain the foreign currency share of the Unified National Pension Fund’s (UNPF) pension assets at a level of no less than 40 percent. To achieve this, about $35 million worth of foreign currency was purchased on the exchange (approximately 0.6 percent of total trading volume). However, since the current foreign currency share of the UNPF has exceeded 40 percent, no further purchases using pension assets are planned for August.
