ASTANA, Kazakhstan, October 2. Sales of foreign currency from Kazakhstan’s National Fund reached $500 million in September, Trend reports via the National Bank of Kazakhstan.
The funds were used to finance transfers to the republican budget and support the construction of the Taldykorgan–Usharal gas pipeline.
Sales from the National Fund accounted for 9.6 percent of total currency trades, or around $24 million per day. According to preliminary government forecasts, the National Bank expects to sell $600-700 million from the National Fund in October to cover budget transfers and planned fiscal needs.
Since early 2025, the National Bank has also been conducting “mirror” operations to buy gold from domestic producers, sterilizing 290 billion tenge ($530 million) in September. However, due to a sharp increase in gold prices, liquidity withdrawals from these operations lag behind tenge emissions linked to gold purchases.
In the fourth quarter, the bank plans to sell foreign currency equivalent to 1.4 trillion tenge ($2.5 billion) to offset accumulated unwithdrawn liquidity. All operations with National Fund assets and mirror interventions are conducted with market neutrality, ensuring regular and balanced currency sales. No direct currency interventions were conducted in September.
Meanwhile, the sale of mandatory foreign exchange proceeds by quasi-state entities reached around $378 million last month. The National Bank did not purchase U.S. dollars for the investment portfolio of pension assets in September, nor are any purchases planned for October.
The bank said it will continue providing full transparency on all currency market operations. In the short term, the tenge’s dynamics will depend on market expectations, quarterly tax payments, global market conditions, and geopolitical developments.
The Taldykorgan–Usharal gas pipeline represents a significant 302.4-kilometer infrastructure initiative within Kazakhstan's Zhetysu region, strategically engineered to bolster energy security and facilitate the gasification of 66 settlements by the conclusion of 2026. The conduit will facilitate the transmission of natural gas to upwards of 124,000 inhabitants and industrial establishments, markedly enhancing the area's gasification metrics. The initiative, launched in August 2024, aims to synergize with the pre-existing Almaty-Taldykorgan pipeline framework and is a pivotal component of Kazakhstan's strategic roadmap to enhance energy infrastructure and elevate regional living standards.
