National Bank Governor reports to President on year 2023 results

Deputy Prime Minister – Minister of National Economy Nurlan Baibazarov, Chairperson of the Agency for Regulation and Development of Financial Market Madina Abylkassymova, and Minister of Finance Madi Takiyev participated in the meeting.

The President was presented the reports on the results of implementation of the country’s monetary policy for 2023, the measures of ensuring financial stability, the National Bank's gold and currency reserves and assets.

Kassym-Jomart Tokayev was informed about decline in inflation by more than twofold – to 9.8% in 2023. Base rate was reduced to 14.75%. Dollarization of deposits made 23.2% having reached 26-year lows. Meanwhile, gross gold and foreign currency reserves of the National Bank in 2023 were at $36 billion having increased by $0.9 billion or by 2.5% against 2022. The assets of the National Bank increased by $4.3 billion reaching $60 billion. Return on assets made 11.38%. The total amount of retirement assets of the Unified Pension Savings Fund held in trust of the National Bank made 17.8 trillion tenge in 2023 having increased by 3.2 trillion tenge within a year. Return on retirement assets made 10.1% having exceeded the inflation rate.

Besides, the President was informed about the course of implementation of the Digital Tenge project and important digitalization initiatives. In particular, Open API and Antifraud Center for Combating Financial Fraud platforms were piloted in 2023 together with the financial market agents. The Head of State noted that in 2023, despite the geopolitical instability, high inflation around the world and global trade decline, year 2023 was successful for Kazakhstan. The President stressed the importance of continuing well-coordinated work of the National Bank and the Government to ensure macro-economic and financial stability of the country amid the current global conditions.At the end of the meeting, the President assigned a number of tasks to further raise the efficiency of the policy conducted and building the infrastructure of the national financial market.