President tasks National Bank with curbing inflation, ensuring financial stability

National Bank Governor Timur Suleimenov presented information on monetary policy results, the state of the financial sector, foreign exchange reserves, National Fund assets, pension assets of the Unified Accumulative Pension Fund (UAPF), and progress in the digital transformation of the financial system. He reported to the President that inflation slowed to 12.3% in 2025. In 2026, inflation continued to decline, reaching 10.4% by the end of May. The National Bank continues to work jointly with the government to further reduce inflation.

The Head of State was briefed on the results of managing the results of managing the assets of the National Fund and the UAPF assets under the trust management of the National Bank. In 2025, the National Bank's foreign exchange reserves attained a record $65.4 billion. The National Fund's foreign currency assets grew by $5.1 billion to $63.9 billion. UAPF assets increased by 2.7 trillion tenge, reaching 25.1 trillion tenge.

Kassym-Jomart Tokayev was also informed about digitalization progress and the rollout of digital projects. Kazakhstan launched a special legal regime for digital assets in 2025, enabling over 30 pilot projects, including tokenization of real assets, issuance of money-backed stablecoins, operation of crypto providers, and crypto-fiat channels.

Kazakhstan became the first in the region to launch a National Digital Financial Infrastructure, which combines secure biometrics, interbank settlements, a financial information exchange system, digital tenge, fraud protection, and modern digital services.

Following the meeting, the Head of State entrusted the National Bank with ensuring the financial system's stability and implementing, together with the government, a coordinated policy to curb inflation and maintain macroeconomic stability. The importance of further developing the financial market's modern digital infrastructure was also noted.

Earlier, President Kassym-Jomart Tokayev met with Aryeh Lightstone, Senior Advisor to the Board of Peace.