Kazakhstan’s National Fund earns KZT10.2tn in 2025 driven by return on investment
Kazakhstan’s National Fund had assets worth 39.6 trillion tenge or 26.3% to the GDP as of January 1, 2026. These also include 63.9 billion US dollars of currency portfolio assets, Qazinform News Agency correspondent reports.
According to Duisen Adilkhanov, deputy head of the Department of Budget Lending, National Fund and Interaction on Financial Sector Issues of the Kazakh Finance Ministry, the Fund’s foreign currency assets have risen by 8.2 billion US dollars since 2022.
The National Fund earned 10.2 trillion tenge last year, including 3.7 trillion tenge in direct tax revenues, as well as 6.5 trillion tenge worth return on investment in nine months, he said.
Adilkhanov said that direct tax revenue flows witnessed a decline, dropping from 3.8 trillion tenge in 2024, and 6.4 trillion tenge in 2022. The decline is attributed to reduction in oil output by 2.3 million tons and oil export volume by 1.3 million tons with a slight dip in global oil prices.
In addition, the drop in tax revenue was driven by the international situation related to hydrocarbon transportation from Kazakhstan.
Revenue growth was largely driven by returns on investment, accounting for 64.8% in 2024, and 63.1% in nine months of last year, added Adilkhanov.
Earlier, Qazinform News Agency reported Kazakhstan’s bank assets surge 11% to 68.3 trillion tenge.
