Kazakhstan's net international reserves fell by 7.8% in June to $60.16 billion. Monetary gold in the reserves also depreciated by 9.5% to $47.6 billion, according to the National Bank statistics. This was reported by Qazaqyia.kz citing Kursiv Media.
As of the end of June, Kazakhstan's net international reserves amounted to $60.161 billion. Compared to May, their volume decreased by 7.8%, and compared to the beginning of the year – by 4.7%. Such a decline was last observed in March of this year (-9.4%), but overall over the past year, the dynamics of Kazakhstan's reserves remained mostly positive.
International reserves consist of monetary gold and assets in freely convertible currencies. Both indicators decreased over the month: the volume of monetary gold fell by 9.48% to $47.6 billion, and assets in FCU decreased by 1.32% to $14.6 billion.
Currency assets of the National Fund decreased by 1.36% to $65 billion.
It is worth noting that despite the decline in gold reserves in June, the National Bank of Kazakhstan replenished them by 7 tons in May. Since the beginning of 2026, the country has already purchased 20 tons of precious metal, ranking fourth among the world's largest gold buyers.
The decline in Kazakhstan's gold and foreign exchange reserves may be due to fluctuations in global markets and domestic economic factors. The National Bank continues its policy of reserve management, and gold purchases are part of the strategy to increase the country's gold reserves. According to experts, the decline in reserves may be temporary, as Kazakhstan's economic fundamentals remain stable.
According to the National Bank of Kazakhstan, the decline in reserves was also affected by the fall in gold prices on global markets. However, the bank maintains a policy aimed at strengthening reserves in the long term by continuing gold purchases. The 20 tons of gold purchased since the beginning of 2026 are clear evidence of this strategy.
In the structure of Kazakhstan's international reserves, monetary gold occupies a dominant share, reflecting the country's confidence in this asset. Despite the decline in assets in freely convertible currencies, the overall level of reserves remains sufficient to ensure economic stability.
The decrease in currency assets of the National Fund by 1.36% is also noteworthy. This may be due to a decrease in fund revenues or an increase in budget transfers. However, assets of $65 billion are still maintained at a fairly high level.
Kazakhstan's fourth place among the world's largest gold buyers demonstrates the country's desire to increase gold reserves. This is especially important in the context of global economic instability, as gold is traditionally considered a reliable reserve asset.
In conclusion, despite the decline in Kazakhstan's gold and foreign exchange reserves in June, they are expected to strengthen in the long term. The National Bank's policy is aimed at diversifying reserves and ensuring their stability.