Kazakhstan's money supply reached a record 55 trillion tenge as of June 2026. Since the beginning of the year, it has increased by 2.2 trillion tenge, or 4.3%, with business deposits being the main growth factor. This was reported by Qazaqyia.kz citing Kursiv Media.
According to economist Ruslan Sultanov on the Tengenomika Telegram channel, in June the money supply (M3) grew by 2.3 trillion tenge, or 4.4%, and compared to June last year – by 8.1 trillion tenge, or 17.3%.
The economist noted that June's growth was primarily driven by an increase in deposits included in the M2 aggregate. He said this distinguishes the current situation from periods when the money supply grew mainly due to the weakening of the tenge and revaluation of foreign currency deposits.
The monetary base reached 15.6 trillion tenge in June, increasing by 738.9 billion tenge (5%) over the month, and by 1.6 trillion tenge (11.1%) year-on-year. The main contribution came from deposits of second-tier banks and other organizations at the National Bank. Their volume rose to 10.2 trillion tenge, adding 613 billion tenge, or 6.4% over the month.
According to Sultanov, banks may have increased their liquidity reserves at the National Bank before the end of the first half of the year, when the volume of settlements traditionally increases.
At the same time, the narrow monetary base grew to 10.9 trillion tenge, and banks' reserve deposits reached 4.3 trillion tenge. The economist links this to the tightening of minimum reserve requirements.
The volume of cash in circulation (M0) amounted to 4.9 trillion tenge as of June, increasing by 99.9 billion tenge, or 2.1% over the month. Sultanov explains the growth by the start of the holiday season, when the population spends more on travel, services, and everyday purchases, some of which are still paid in cash.
The M1 aggregate, which includes cash and funds in current accounts, grew to 12.1 trillion tenge. Over the month, the indicator increased by 448.3 billion tenge, or 3.8%. Transferable deposits of the population rose to 2.4 trillion tenge, and of businesses – to 4.8 trillion tenge.
According to the economist, this reflects an increase in current payment activity. The population held more funds on bank cards and accounts before summer expenses, and companies increased balances on settlement accounts due to the end of the first half of the year.
The M2 money aggregate increased to 48.1 trillion tenge, adding 2.4 trillion tenge, or 5.3% over the month. The largest contribution came from deposits of non-bank legal entities. Their volume grew to 14.4 trillion tenge, increasing by 1.3 trillion tenge, or 9.7% over the month.
Sultanov links this to the receipt of corporate revenue and settlements under state and private contracts at the end of the half-year. According to him, part of the funds received were temporarily placed on deposits by companies rather than immediately spent.
Deposits of the population also continued to grow, reaching 21.6 trillion tenge. Over the month, they increased by 713.9 billion tenge, or 3.4%, and over the year – by 4.3 trillion tenge, or 25%. The economist believes this is facilitated by the high profitability of tenge deposits.
As of June, foreign currency deposits decreased. Deposits of the population in foreign currency decreased by 82.7 billion tenge (2%), and of businesses – by 34.1 billion tenge (1.2%).
According to Sultanov, June was the month of the most significant expansion of the money supply since the end of last year. If further growth in deposits is directed towards investment and expansion of production, it could support economic activity.