The President was informed that inflation by the end of 2025 had slowed to 12.3%.
The head of state heard a report from the National Bank's management on its performance in 2025 and plans for 2026.
National Bank Chairman Timur Suleimenov presented information on the results of monetary policy, the state of the financial sector, gold and foreign exchange reserves, the assets of the National Fund and the pension assets of the Unified Accumulative Pension Fund, as well as the progress of the digital transformation of the financial system.
The President was informed that inflation had slowed to 12.3% by the end of 2025. In 2026, inflation continued to decline, reaching 10.4% by the end of May. The National Bank, together with the government, continues its comprehensive work to further reduce inflation.
The head of state was briefed on the results of managing the National Fund's assets and the ENPF assets held in trust by the National Bank. By the end of 2025, the National Bank's gold and foreign exchange reserves reached a record high of $65.4 billion. The National Fund's foreign exchange assets increased by $5.1 billion to $63.9 billion. The ENPF's assets increased by 2.7 trillion tenge, reaching 25.1 trillion tenge.
Kassym-Jomart Tokayev was also briefed on the progress of digitalization and the implementation of digital projects. A special legal regime for digital assets was launched in 2025, under which more than 30 pilot projects have been implemented, including the tokenization of real assets, the issuance of stablecoins backed by money, the organization of crypto providers and crypto-fiat channels.
Kazakhstan was the first in the region to launch a National Digital Financial Infrastructure, which integrates secure biometrics, interbank settlements, a financial information exchange system, a digital tenge, fraud protection, and modern digital services.
Following the meeting, the Head of State instructed the National Bank to ensure the stability of the financial system and implement, in conjunction with the Government, a coordinated policy to curb inflation and maintain macroeconomic stability. The importance of further developing a modern digital financial market infrastructure was specifically noted.
By the Kazakhstanskaya Pravda
