Annual inflation declines for 10th consecutive month - Suleimenov

The President received Chairman of the National Bank Timur Suleimenov, the Akorda press service reported. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.

The head of state heard a report on the implementation of monetary policy for January-July 2026. According to Timur Suleimenov, annual inflation has been declining for ten consecutive months and stood at 10.2 percent in July.

This was influenced by the ongoing monetary policy, strengthening of the tenge exchange rate, stabilization of consumer activity, as well as comprehensive measures jointly taken by the Government and the National Bank to combat inflation.

In addition, as of July 1, 2026, the loan portfolio of banks for business loans increased by 17.1 percent year-on-year. "At the same time, the pace of lending to small and medium-sized businesses accelerated to 29.6 percent. And the growth of consumer lending slowed from 21.0 percent at the beginning of the year to 13.0 percent," the message says.

As of July 1 this year, the total volume of the National Fund and gold and foreign exchange reserves amounted to 127.3 billion dollars. The investment income of the National Fund for the first half of the year reached 2.3 billion dollars.

Pension assets of the UAPF increased by 1.7 trillion tenge since the beginning of the year and amounted to 27.8 trillion tenge.

Suleimenov presented the progress of implementing tasks on the development of the national digital financial infrastructure. "Since July 19, within the framework of the National Payment System, a mechanism has been launched that allows clients of any bank to make payments via QR and transfer money by phone number. Since the system started operating, 6.5 million transactions totaling 170 billion tenge have been processed," said the head of the National Bank.

Currently, the National Bank is taking all necessary measures to ensure price stability and reduce inflation to 5 percent in the medium term. The President set a number of tasks on the activities of the National Bank and drew attention to the importance of further stabilizing inflation.