BAKU, Azerbaijan, August 25. Kazakhstan's international reserves increased by nearly 90% from the beginning of 2024 to reach $67.6 billion, or 18% of projected 2026 GDP, in May 2026, according to Fitch Ratings.
The growth was largely supported by an increase in the value of the country's gold reserves.
"While Kazakhstan is one of the largest producers of gold in the world (with production of 87 tonnes in 2024), gold accounted for only 0.5% of its exports that year. Nonetheless, Kazakhstan’s international reserves have risen by nearly 90% from the start of 2024 to USD67.6 billion (18% of 2026F GDP) in May 2026, aided by a 169% increase in the value of gold reserves. Gold reserves now make up 78% of international reserves (end-2023: 54.3%)," Fitch said.
The agency noted that Kazakhstan's large external asset position is underpinned by its sovereign wealth fund, the National Fund of the Republic of Kazakhstan (NFRK).
"The NFRK’s assets totalled USD66.4 billion (17.7% of GDP) as of May 2026, around 11% larger than the start of 2024, with gold making up about 6.5%. The government aims to increase the NFRK’s assets to USD100 billion by 2030 as part of its public finance management framework," Fitch said.
Fitch also noted that global gold mining output grew by an average of 2% annually in 2011-2025, while the largest increase was recorded in the Central and Central Asian (CCA) region, including Uzbekistan, Kazakhstan and Kyrgyzstan.
"The average annual growth of gold mining output globally was 2% in 2011-2025. The largest increase was achieved in the CCA region (Uzbekistan, Kazakhstan (BBB/Stable), Kyrgyzstan (B/Stable)), where growth averaged 4.7% annually. In Uzbekistan, production rose by 8% in 2024 to reach a peak of 129 tonnes (2.9x 2010 levels), before moderating by 3% in 2025. Production in Kazakhstan peaked at 88 tonnes in 2023 (3x 2010 levels), and has since declined," Fitch noted.
