Kazakhstan’s National Bank Predicts Inflation Slowdown by 2025
Kazakhstan’s Inflation Expected to Slow Down in 2025: National Bank Chairman
During a government meeting on Aug. 27, Chairman of the National Bank Timur Suleimenov announced that Kazakhstan’s inflation is projected to decrease from 7.5-9.5% in 2024 to 5.5-7.5% in 2025. The implementation of monetary policy, stabilization of external prices on global commodities markets, and progress towards the inflation goal in trade partner nations are expected to contribute to this reduction.
Suleimenov also provided optimistic forecasts for exports, with the oil sector anticipated to play a significant role in driving growth through increased production levels. Hydrocarbon exports are set to benefit from strong global prices for non-ferrous and ferrous metals, ores, and uranium. Non-resource exports are projected to rise from $80.8 billion in 2024 to $82.3 billion in 2025.
The National Bank noted that imports in Kazakhstan will also see an increase, surpassing the peak value recorded in 2023. The volume of financial transactions in 2025 is expected to reach $61.3 billion, driven by growing demands from the population and businesses, an essential import component in production chains, and the implementation of state programs aimed at supporting the economy.
Furthermore, the National Fund’s net foreign exchange assets for 2025 are estimated at $57.8 billion, with expectations for growth to $74 billion by 2027. These developments indicate a positive outlook for Kazakhstan’s economic landscape in the coming years.
