National Bank of Kazakhstan's gold, FX reserves rise 27.4% to $45.8 bln in 2024

ALMATY. Jan 24 (Interfax) - The National Bank of Kazakhstan's gross gold and foreign currency reserves grew 27.4% to $45.8 billion in 2024, the Kazakh president's press service said.

Kazakh President Kassym-Jomart Tokayev heard a report from the National Bank CEO Timur Suleimenov on Friday.

"In 2024, the income from managing the assets of the National Fund amounted to $4.5 billion, or more than 7.5%; the gross gold and foreign exchange reserves of the National Bank grew by 27.4% to reach $45.8 billion," the statement released after the meeting said.

Investment income from the management of the pension assets of the Unified National Pension Fund amounted to 3.4 trillion tenge, and yield was double the rate of inflation at 17.8%.

Suleimenov also informed Tokayev about the situation on the foreign exchange market and the measures taken to ensure the stability of the tenge.

Suleimenov said the situation in the banking sector was stable and that the deposit base continues to grow steadily. He also spoke about measures taken to ensure financial stability and plans to improve macroprudential policy.

Tokayev emphasized the importance of stabilizing inflation and continuing the close coordination of the National Bank's and the government's macroeconomic policies, and also set a number of tasks for the National Bank's activities.