Kazakhstan National Fund

UAO Registry · Top 100 · Rank 84 · Sovereign Wealth Fund · Kazakhstan · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

• Executive brief
• Speakable summary
• Mandate & ownership
• Disambiguation
• Scale & portfolio
• Governance & leadership (NBK)
• Investment philosophy & allocation
• National Fund for Children
• Performance & reporting
• Fiscal transfers & FX conversion
• Climate / ESG / cryptoreserve notes
• International / IFSWF / NIC
• Controversies & debates
• Timeline
• Annex: AUM honesty
• Annex: Annual returns table
• Annex: AR 2025 §2.2 fold
• Annex: Moldabekova H1 2025 interview
• Annex: Presidential Report 2024
• Annex: Governor biography
• Annex: Deputy Governor biography
• Annex: Concept to 2030
• Annex: SWF peers
• Annex: Deliberate omissions
• Annex: Outbound checklist
• Annex: Editorial locks
• FAQ
• Sources
• Completeness

Executive brief

The National Fund of the Republic of Kazakhstan (soft: Kazakhstan National Fund, NFRK) is Kazakhstan’s oil-and-resource revenue sovereign fund, established by Presidential Decree No. 402 of 23 August 2000. Official nationalbank.kz wording: the Fund accumulates revenues from extraction of oil, gas and other natural resources and supports the economy in unstable periods. Soft researcher strings also include Национальный фонд Республики Казахстан.

Governance honesty: the National Bank of Kazakhstan (NBK) is the trust manager of National Fund assets — not a standalone SWF board with a separate Instantiations “NFRK CEO/CIO.” Prefer NBK titles. Instantiations dual seats: Governor (Chairman) Timur Suleimenov; Deputy Governor Aliya Moldabekova (oversees National Fund asset management / speaks on FX results). Do not invent a separate Fund CEO or CIO.

Prefer dated official USD as NBK publishes (and KZT for fiscal transfers). At end-2025 / as of 1 January 2026, market value of National Fund assets stood at USD 73.8 billion, including a foreign-currency portfolio of USD 63.9 billion; 2025 FX return 15.1% / USD 8.72 billion (NBK Annual Report 2025 §2.2, approved by Presidential Decree 7 July 2026 No. 1348). Late June 2025 FX assets: USD 60.3 billion (Moldabekova interview). Do not invent FX from KZT or promote the Instantiations stale ~US$60 bn estimate as headline.

Researchers comparing peers such as NBIM, ADIA, SOFAZ, Oman Investment Authority, Alaska Permanent Fund Corporation, GIC, CIC, Libyan Investment Authority or Emirates Investment Authority should treat NFRK as a commodity-revenue stabilization-plus-savings fund trust-managed inside the central bank, with published Stabilization/Savings sleeves, guaranteed/targeted budget transfers, and a National Fund for Children deduction — not as an independent endowment-style SWF corporation.

Related UAO hubs: Registry · Top 100 · Careers Intelligence. Official path: nationalbank.kz.

Mandate & ownership

Presidential Decree No. 402 of 23 August 2000 created the National Fund to ensure stable socio-economic development, accumulate financial resources for future generations, and reduce dependence on adverse external factors. Decree architecture (as summarized in primary legal digests opened for this profile): Fund assets are concentrated on a Government of Kazakhstan account at the National Bank; the National Bank manages the assets; volume and directions of use are determined by the President on the proposal of the Government; the Government annually submits a formation-and-use report for Presidential approval.

• Legal owner / account: Government of the Republic of Kazakhstan account at NBK.
• Trust manager: National Bank of Kazakhstan (explicit on NF investment-management page).
• What it is: Sovereign oil/resource revenue fund with stabilization and savings functions.
• What it is not: A standalone corporate SWF board; Samruk-Kazyna; UAPF pension assets; NIC as a rename of the Fund.
• Reporting: Annual Presidential report on formation and use; NBK Annual Report section on National Fund asset management; public returns table on nationalbank.kz.

Source: Presidential Decree No. 402 (23 Aug 2000) framework; nationalbank.kz NF investment-management; NBK AR 2025 §2.2; Presidential Report on formation and use for 2024 (Ukaz 11 Jul 2025 No. 943).

Disambiguation

NFRK ≠ NBK itself ≠ NIC ≠ Samruk-Kazyna ≠ Unified Accumulative Pension Fund ≠ Instantiations ~US$60 bn estimate as headline. Soft strings: Kazakhstan National Fund, NFRK, National Fund of the Republic of Kazakhstan, Национальный фонд РК. The National Bank is the trust manager and monetary authority; NIC is an NBK subsidiary/programme operator and IFSWF member entity; Samruk-Kazyna is the state holding; UAPF is the pension pool (also partly under NBK trust management per AR 2025 §2.3 — keep AUM separate).

Scale & portfolio

Currency discipline: publish official USD as NBK publishes for Fund market value / FX portfolio, with as-of dates; publish KZT for budget transfers and oil-sector receipts when that is the official unit. Do not invent FX conversions. Do not promote the Instantiations ~US$60 bn public estimate as headline AUM.

Opened secondary press (Qazinform, 29 August 2026) attributes a 1 July 2026 FX figure of USD 65.5 billion and Q2 income of USD 2.92 billion to the NBK Board’s approval of the Q2 2026 trust-management report. Prefer the Annual Report for Instantiations headline AUM; cite mid-2026 press only with the secondary label.

Source: NBK AR 2025 §2.2 / Table 2; Moldabekova H1 2025 interview; Presidential Report 2024; nationalbank.kz returns table; Qazinform citing NBK (secondary).

Governance & leadership (National Bank of Kazakhstan)

NFRK does not publish a separate Instantiations-style CEO/CIO org chart. Public leadership for Fund asset management is the National Bank’s management. Official NBRK Management page (opened 2026): Governor Timur Suleimenov; First Deputy Governor Yerulan Zhamaubayev; Deputy Governors Akylzhan Baimagambetov, Aliya Moldabekova, Binur Zhalenov, Daniyar Vagapov, and Vitaliy Tutushkin (also Head of the Permanent Representative Office in Almaty).

Appointment facts from official bios: Timur Suleimenov appointed Governor 4 September 2023 (Decree No. 334) and reappointed 24 August 2026 (Decree No. 1403). Aliya Moldabekova appointed Deputy Governor by Presidential Order dated 26 December 2019; career path includes Director of Monetary Operations / Department of Monetary Operations and Asset Management before elevation. She is the named executive voice on National Fund FX results in opened NBK interviews.

Editorial lock: do not invent a separate NFRK Chief Executive Officer, Chief Investment Officer, or Fund Board Chair distinct from NBK/Government architecture. Other Deputy Governors appear on the Management page — do not invent National-Fund-specific titles for them without a primary.

Investment philosophy & allocation

AR 2025 primary objectives for managing National Fund assets: ensure asset preservation; maintain a sufficient liquidity level; ensure long-term returns at an appropriate risk level. The Stabilization sleeve is liquidity-oriented; the Savings sleeve is the strategic multi-asset book.

To refine management on long-term market expectations, NBK developed a new savings-portfolio target strategic allocation of 50/50 — 50% in high-return classes (equities, gold, alternative instruments) and 50% in bonds — implemented by raising equities and alternatives 5% each and cutting developed-country bonds 10%. Inflation-indexed developed-country government bonds were included in the DM bond structure with a 10% allocation under amendments to the Rules for Investment Operations of the National Fund (Board Resolution 21 October 2025 No. 61 amending Resolution 25 July 2006 No. 65).

Pursuant to the Address of the Head of State, an open investment partnership programme was developed to invest up to USD 1 billion from the alternative instruments portfolio into high-tech sectors, with National Investment Corporation of the National Bank of Kazakhstan JSC as programme operator and planned engagement of international management companies. Separately, up to USD 350 million from alternatives is earmarked for digital financial assets and related instruments within the National Strategic Cryptoreserve.

Earlier Concept-to-2030 notice language (14 April 2023) cited an illustrative savings mix of 60% bonds / 30% equities / up to 5% alternatives / up to 5% gold and an accumulation goal of USD 100 billion by 2030. Prefer AR 2025 50/50 target language where vintages differ; keep Concept figures attached to the 2023 notice.

National Fund for Children

From 1 February 2024, NBK’s international-reserves / National Fund foreign-currency assets statistics are presented with a deduction of liabilities for target requirements under the “National Fund for Children” programme (explicit note on the reserves page). AR 2025 Table 2 shows Children liabilities of (−) USD 664.9 million as of 1 January 2025 and (−) USD 1,497.9 million as of 1 January 2026. The 2024 Presidential Report similarly nets Children target requirements (USD 664.9 million at 31 December 2024 in that vintage).

Treat Children liabilities as a published deduction line — not as Instantiations AUM to be grossed up without disclosing the liability. Programme detail pages on nationalbank.kz should be re-opened for any future expansion of eligibility/payment mechanics beyond this honesty note.

Performance & reporting

Transparency stack opened for this profile: (1) NBK Annual Report section on National Fund asset management with portfolio table and return; (2) annual Presidential report on formation and use of the National Fund (KZT flows + trust-management narrative); (3) public multi-year returns table on nationalbank.kz (updated annually); (4) monthly/periodic international reserves and NF FX assets statistics; (5) executive interviews on FX results.

Calendar-year FX returns from the official table (selected): 2025 15.09%; 2024 7.59%; 2023 11.38%; 2022 −10.35%; 2021 4.21%; 2020 7.57%. Annualised at end-2025: since inception 4.00%; last 5 years 5.20%; last 10 years 4.63%; last 18 years 3.23%. 2001 return is from the June 2001 trust-management agreement date.

Savings-portfolio 2025 sleeve returns (AR Table 2): equities 21.0%; gold 64.7%; EM bonds 10.2%; corporate bonds 11.3%; DM bonds 7.7%; alternatives 7.6%; Stabilization portfolio 4.3%; Savings portfolio overall 16.1%; total FX assets 15.1%.

Fiscal transfers & FX conversion

Moldabekova H1 2025 interview (official NBK executives page): direct transfers to the national budget amounted to 3.12 trillion KZT; oil-sector receipts into the Fund stood at 1.8 trillion KZT; to fund transfers on the domestic FX market, foreign-exchange assets of USD 4.95 billion were gradually converted from dollars to KZT. Despite those sales, FX assets still rose in H1 2025 mainly on investment income (preliminary USD 4.7 billion / 7.8%).

AR 2025 macroeconomic narrative also references National Fund transfers and FX sales in the inflation/fiscal discussion. Prefer dated KZT for transfer amounts and dated USD for FX conversion volumes as published — do not invent a single USD “net contribution” figure.

The 2024 Presidential Report (Russian) details receipts (corporate income tax and other oil-sector taxes, privatization, land sales) and uses (guaranteed and targeted transfers) in thousands of tenge — fold selected figures in the annex rather than inventing English totals.

Climate / ESG / cryptoreserve notes

Opened primaries for this pass do not include a standalone National Fund ESG / climate exclusion PDF comparable to some peer SWFs. Attribute only what is opened: gold as a risk-hedging sleeve (Moldabekova interview; AR gold return); Digital Assets / National Strategic Cryptoreserve programme language in AR 2025 (up to USD 350 million from alternatives; possible inclusion of other state/confiscated digital assets on Government decision); inflation-indexed bond inclusion as a real-rate tool. Do not invent an NFRK net-zero pledge or exclusion list.

International / IFSWF / NIC

IFSWF membership for Kazakhstan’s SWF community is attributed to JSC National Investment Corporation of the National Bank of Kazakhstan, which joined IFSWF with Board approval on 11 August 2015 (IFSWF press release), not to a separately incorporated “NFRK Authority.” NIC’s Santiago self-assessment materials describe mandates that can include National Fund, FX reserves, and pension assets under NBK resolutions — keep NIC and NFRK labels distinct in Instantiations and narrative.

AR 2025 programme language anticipates international management companies co-investing with the open investment partnership into high-tech sectors. Do not invent IFSWF membership dates for the Fund itself.

Controversies & debates

Official-first: fiscal dependence on National Fund transfers is a recurring macro theme in NBK Annual Report language (transfers, FX sales for budget support, inflation environment). The Moldabekova interview explicitly frames the tension between large KZT transfers / USD sales and still-rising FX assets via investment income.

Secondary / labelled: press citing NBK Board Q2 2026 results (USD 65.5 billion FX at 1 July 2026; USD 2.92 billion Q2 income; commodity-price headwinds) — useful for currency, but Instantiations headline should prefer AR YE2025 market value. Concept-to-2030 USD 100 billion accumulation language is a policy goal, not a current AUM claim.

Do not invent governance scandals or personal allegations. Corrections to UAO: info@universalassetowners.com.

Timeline

• 23 Aug 2000: Presidential Decree No. 402 establishes the National Fund.
• Jun 2001: Agreement on Trust Management of the National Fund — start of published annual return series.
• 25 Jul 2006: NBK Board Resolution No. 65 — Rules for Conducting Investment Operations of the National Fund (later amended).
• 11 Aug 2015: NIC of the National Bank of Kazakhstan joins IFSWF (IFSWF press).
• 26 Dec 2019: Aliya Moldabekova appointed Deputy Governor.
• 14 Apr 2023: NBK publishes Concept for National Fund asset management to 2030 (Open NPA draft notice).
• 4 Sep 2023: Timur Suleimenov appointed Governor (Decree No. 334).
• 1 Feb 2024: NF FX statistics published net of National Fund for Children target requirements.
• 31 Dec 2024 / YE 2024: FX USD 58.839 bn; total net of Children USD 66.212 bn; FX return 7.59%.
• H1 2025: FX USD 60.3 bn; income ~USD 4.7 bn / 7.8% (Moldabekova).
• 21 Oct 2025: Board Resolution No. 61 amends Investment Operations Rules (inflation-indexed bonds etc.).
• YE 2025: Market value USD 73.8 bn; FX USD 63.9 bn; return 15.1% / USD 8.72 bn; 50/50 savings target described.
• 7 Jul 2026: Presidential Decree No. 1348 approves NBK Annual Report for 2025.
• 24 Aug 2026: Suleimenov reappointed Governor (Decree No. 1403).
• 1 Jul 2026 (press citing NBK): FX assets USD 65.5 bn.

Annex: AUM honesty

Instantiations previously carried ~US$60 bn as an estimate — superseded for headline purposes by NBK AR 2025 market value USD 73.8 billion (YE2025) and FX USD 63.9 billion. Keep both market-value and FX portfolio figures labelled. Mid-2026 FX 65.5B is press-citing-NBK. Children liabilities are deductions. UAPF 25.1 trillion KZT (AR §2.3) is not National Fund AUM.

Annex: Annual returns table (nationalbank.kz)

Official annual NF FX returns and annualised series as published on the Management results page (data updated annually). Columns: calendar return; annualised since inception; last 5y; last 10y; last 18y.

*2001 from June 2001 trust-management agreement. Source: https://nationalbank.kz/en/page/NF-investment-management

Annex: AR 2025 §2.2 National Fund management fold

Folded English prose from the National Bank Annual Report for 2025 (approved by Presidential Decree 7 July 2026 No. 1348), section 2.2 Management of the Assets of the National Fund — including objectives, USD 73.8 / 63.9 billion scale, 15.1% return, 50/50 savings target, OIP and cryptoreserve programme language.

Management of the Assets of the National Fund .......................................... Management of the Pension Assets of the Unified Accumulative Pension Fund .......................................................................................................................

Financial Risk Management.......................................................................... Organization of Cash Circulation ................................................................. Issue and Circulation of Cash ...............................................................

Examination of Banknotes and Coins of the National Currency ......... Collectible and Investment Coins, Refined Gold Bullions................... Currency Regulation and Currency Control ................................................. Currency Regulation and Monitoring of Currency Operations ............

Control over Operations with Foreign Currency Cash ......................... REGULATION AND SUPERVISION OF THE PAYMENT MARKET AND DIGITAL ASSETS INDUSTRY ................................................................................ Payment Systems ..........................................................................................

Payment Services Market.............................................................................. National Digital Financial Infrastructure (NDFI) ......................................... Crypto-Fiat Infrastructure .............................................................................

Regulatory Sandbox of the National Bank ................................................... INFORMATION AND ANALYTICAL SUPPORT FOR ACTIVITIES ........... Statistical Activity .........................................................................................

International Cooperation ............................................................................. Research Activity .......................................................................................... Communication Policy ..................................................................................

CORPORATE GOVERNANCE AND DIGITALIZATION OF THE NATIONAL BANK .................................................................................................... Organizational Structure and Governing Bodies of the National Bank ....... Human Capital Development ........................................................................

Digitalization, Implementation of Artificial Intelligence, and Development of the Information and Communication Technological Infrastructure of the National Bank ........................................................................................................

Data Protection and Corporate Security ....................................................... Operational Risk Management and Compliance Control ............................. Internal Audit ................................................................................................

43 GLOSSARY OF TERMS AND ABBREVIATIONS ................................................ 45 4 EXECUTIVE SUMMARY The year 2025 was a period of new challenges and difficult decisions for the National Bank, driven by a commitment to the well-being of every citizen of Kazakhstan.

We faced significant inflationary pressures and instability in global markets. Under these conditions, our main task was not merely to respond to changes, but to pursue a balanced policy that would preserve economic stability and safeguard citizens’ savings. Ensuring price stability is not only our mandate; it is also an important component of public policy that serves as the foundation for the well-being of our fellow citizens.

To contain price growth and ensure the stable functioning of the financial market, throughout the year we made timely decisions regarding the base rate in response to emerging challenges and employed liquidity management instruments to cool excessive consumer demand.

Source fold: NBK Annual Report 2025 EN PDF (file/download/130774). Verify against the live nationalbank.kz page or PDF before citing beyond this page.

Annex: Moldabekova H1 2025 investment-income interview

Folded official interview: Deputy Governor Aliya Moldabekova on foreign-exchange assets of the National Fund in the first half of 2025 — USD 60.3 billion level, USD 4.7 billion / 7.8% income, sleeve performance, gold, and KZT transfers vs USD sales.

Growth of foreign exchange assets of the National Fund is ensured by investment income – National Bank | Interviews and official statements by the NBK executives | National Bank of Kazakhstan About the NBRK Functions Statistics Press center Publications Research Regulations Financial literacy , from 09:00 to 18:30 × About the NBRK Functions Statistics Press center Publications Research Regulations Financial literacy Monetary policy Financial stability Currency regulation Payment Systems Currency of the Republic of Kazakhstan Digital Assets Framework and purpose of monetary policy Monetary Policy Strategy 2030 The Base Rate 2015 – 2026 Decision Making Schedule Forecasting and Policy Analysis System at the NBK Monetary Policy Report Monetary policy instruments system Monetary operations data Monetary policy guidelines (2000–2019) The role of National Bank in maintaining financial stability Macroprudential policy Systemically important financial institutions The lender of last resort function Council for Financial Stability of the Republic of Kazakhstan Financial Stability Report Financial soundness indicators Currency operations Capital flows Export import Analytical indicators International cooperation Monitoring foreign exchange transactions National payment systems Oversight on the payment services market Digital Financial Infrastructure Additional information Coins History of the national currency New banknotes series «Saka style» Minted gold bars NBK Coin Online Shop user's manual International awards Recommendations for storage of coins made of precious metals Exchange operations with foreign currency in cash Social research on payment preferences of general public and business entities Additional information Regulation of the digital assets market Regulatory Sandbox for Digital Financial Assets Additional information NBK short-term notes auction NBK Auction for the purchase of securities with the reverse sale Deposit auction of NBK Open position of the NBK's operations Data on NBK foreign exchange operations and interventions Banks’ correspondent account balances with the NBK in the domestic currency Payment systems register Register of Important Payment Service Providers Registry of payment organizations Electronic money system register Digital Tenge Open API, Open Banking Reporting forms for payment processing and money transfers Analytical Information Publications and reports The Reference-book of the BIC of RK Circulation coins of Kazahstan Bullion coins Collector Coins Coins from precious and base metals sold at branches of the National Bank "Know Your Money" Course Register of unsecured digital asset exchange operators Register of digital financial asset platform operators Register of trading platform operators List of authorized unsecured digital assets Register of participants (companies) of the special regulatory regime Operating procedure for the Regulatory Sandbox for Digital Financial Assets Reporting forms Publications and research About the National Bank NBRK Management NBRK mission The NBRK Management Bodies Structure and organizations of the National Bank Employment in the NBRK International Cooperation General public and businesses Official documents NBK main documents The museum of the National Bank History of the National Bank Constitution of the Republic of Kazakhstan National symbols Anti-corruption work NBK status and structure NBK regulations NBK Strategic Plan Statement by the Government and the National Bank Excursion Экспонаты The NBK Board The Board of Directors of the NBK Monetary Policy Committee Body of the National Bank of Kazakhstan Central headquarters Permanent Representative Office of the NBK in Almaty Branches Organizations and subsidiaries Regional branches The Center for Cash Operations and Valuable Storage Vacant positions Electronic resume Internships in the NBK Questions and Answers Acts and other legal documents concerning employment International Cooperation General information Integration cooperation Cooperation with central banks of foreign countries Cooperation with international financial organizations Программы Услуги для общественности Information on financial institutions Procurement of the National Bank Competitions and tenders Consideration of applications of individuals and legal entities Anticorruption efforts Отчет о состоянии регулирования предпринимательской деятельности Additional information Current programs Past programs Рublic services Report on government services Contact phone numbers of service providers Результаты общественного мониторинга качества оказания государственных услуг Survey Refinancing Rate of the NBK Electronic references Exchange rate Register of licenses of the National Bank Measures being imposed Procurement plan of the National Bank LSI on procurement Procedure of consideration of appeals and reception of natural persons and representatives of legal entities in NBRK Procedure to dispute the decisions made on the basis of results of the appeal consideration Schedule of reception of individuals and representatives of the legal entities Legislation Clarifications and recommendations International Documents Technical resources Contacts Questions and Answers Data License Schedule of Release of statistical information Foreign exchange rates and price of gold Statistics of the National Fund of the RK Monetary and Banking Statistics External Sector Statistics Performance of financial sector National payment system statistics Government Securities Market Methodology Special Data Dissemination Standard (SDDS) Statistical publications of the NBK Daily Official (market) Foreign Exchange Rates Gold Official Foreign Exchange Rates on average for the period Archive data on NBK’s Exchange Rates Archive of official exchange rates from 1993 to 1999 Market exchange rates from 06.01.2016 to 01.02.2016 Management results of foreign currency assets of the Republic of Kazakhstan National Fund National Fund for children Operations of the National fund and financial instruments of kazakhstani issuers Monetary statistics Deposit market Loan market Foreign Exchange Market Methodology International Reserves and foreign currency assets of the National Fund of Republic of Kazakhstan Monetary Base and Aggregates of Broad Money Monetary Survey of the National Bank of the Republic of Kazakhstan Monetary Survey of banks Banking System Monetary Survey Other Financial Institutions Survey Financial Sector Survey Depository Organizations Deposits Current accounts in banks (regional breakdown) Current accounts attracted by banks (regional breakdown) Deposits in Banks, regional breakdown Deposits attracted by banks (regional breakdown) Deposits of individuals in the banks of Kazakhstan Interest rates of banks on attracted deposits(by maturity and types of currency) Loans to economy in an expanded format Loans from banking sector to economy Loans from banking sector to economy (analytical presentation) Loans to economy from second-tier banks (historical data) Purchases/Sales of Cash Foreign Currency by Exchange Offices (Bureaus) Over-the-counter Market Operations Results of trades on KASE Interbank loans and deposits Balance of Payments External Debt Public sector external debt in an expanded definition International Investment Position Direct Investments according to the directional principle International Reserves and Foreign Currency Liquidity Effective Exchange Rate indices Methodology Banking sector Insurance sector Professional securities market participants Accumulative pension system Organizations engaged in certain types of banking оperations Banking conglomerates and insurance groups Microfinance activities Collection activities Methodology Total reports Financial performance Total reports Financial performance Total reports Financial performance Total reports Financial performance Total reports Financial performance Financial performance Total reports Financial performance Interbank System of Money Transfer and Interbank Clearing System Statistics of payment cards Statistics of payment instruments International and local remittances Electronic money Share of Kazakhstan Government Securities Held by Non-Residents Government Securities Primary Auctions Secondary Market of the Government Securities Structure of national currency denominated Government Securities in Circulation Accounting methodology for banks and other financial companies Methodology of external sector statistics Metadata Methodological comment Advance Release Calendar NBK Statistical Bulletin Kazakhstan: Balance of Payments and External Debt Press releases Public information messages Interviews and official statements by the NBK executives Reports, presentations and statements Calendar Media Video Results and performance of the NBK Analytical and statistical publications Survey results Archive publications Annual Report of the NBK NBK bulletin Monetary Policy Report Financial Stability Report Kazakhstan Macro & Market Overview Kazakhstan: Balance of Payments and External Debt Inflation trends Inflation trends in the regions NBK Statistical Bulletin Inflation expectations Macroeconomic survey of the National Bank Enterprise Monitoring Bank Lending Survey Kazakhstan Business Activity Index (BAI) Market Review.

Outcomes of Enterprise Surveys in the Economy Industry-specific Market Review. Outcomes of Enterprise Surveys Broken Down by Industries Financial Market Review Previous publications Brief overview of the economy Kazakhstan’s external sector review Financial market overview Research initiatives of the NBK Working paper series of the National Bank of Kazakhstan "NBRK Economic Review" Publication Analytical notes Research grants of the National Bank Research conferences Regulatory legal framework Decree of the President of the Republic of Kazakhstan Laws of the Republic of Kazakhstan Regulations of Government of the Republic of Kazakhstan Concepts Regulations of NBK Press releases concerning the draft regulations Public review draft regulations Regulations of Government of the Republic of Kazakhstan Press releases The National Bank Monetary policy Cash management Monetary tools Foreign exchange regulation and currency control Payment systems Digital Assets Stability of the financial system Accounting and financial reporting Regulatory reporting of financial institutions Information security NBK public services Procurement by NBK Green economy Other Banks and mortgage organizations Accumulative pension funds Insurance organizations Organizations engaged in certain types of banking operations Professional participants of securities market Other Banking sector Insurance sector Securities market Accumulative pension system Consolidated supervision Microfinance organizations Organizations engaged in certain types of banking operations Debt collection agencies Credit bureau Other Knowledge library Financial literacy Frequently asked questions answered Knowledge base Financial Literacy Basics Animated Videos BarsIQ Interactive Simulator Alatau City Virtual World , from 09:00 to 18:30 Growth of foreign exchange assets of the National Fund is ensured by investment income – National Bank Foreign exchange assets of the National Fund demonstrated growth based on performance for the first half of 2025.

Deputy Governor of the National Bank Aliya Moldabekova told which investment decisions and asset classes brought income to the National Fund and how the market "behaved" in general. – What are key results of the first half of the year for foreign exchange assets of the National Fund in figures?

– In late June 2025, volume of foreign exchange assets of the National Fund made $60.3 billion. Thus, total portfolio volume, minus the target requirements under the National Fund for Children program, has soared by $1.5 billion since the start of the year. – How was the situation on global financial markets shaped in general during this period?

– Financial markets grew steadily against the background of the global economic recovery and weakening of inflationary pressure in most regions. The markets were supported by both stabilization of macroeconomic indicators and moderate expectations for monetary easing in a number of countries.

In April, financial markets experienced short-term turbulence due to introduction of trade tariffs by US President Donald Trump. However, the markets quickly recovered due to softening rhetoric and signals of negotiations on trade disputes. Overall, our balanced approach to management of the National Fund and relative stabilization of the markets allowed us to receive investment income, according to preliminary data, in the amount of $4.7 billion or 7.8%.

– Speaking of asset classes, what demonstrated the highest return in portfolio of the National Fund? – Positive dynamics continue in the global stock market. This was facilitated by stable corporate profits, productivity growth, as well as reduced uncertainty in the monetary policy.

Companies focused on domestic demand and technologies that benefit from digitalization and introduction of artificial intelligence grew especially dynamically. Investment income of the National Fund's stock portfolio in the first half of the year was $1.9 billion or 9.8%.

Portfolio of government bonds of developed countries showed growth of $1 billion or 6.7%. Positive dynamics of this class of assets were exposed by such factors as a decrease in inflation in developed countries and expectations of a start of a cycle of reducing key rates by leading central banks.

Another growth factor was appreciation of a number of major currencies of developed countries against the dollar. This has contributed to growth of foreign government bond quotes in dollar terms, which had a positive effect on the National Fund's performance. The approach to currency diversification implemented by the National Bank also proved its effectiveness, becoming a source of income for the National Fund.

– Gold is also in the spotlight this year. How has its value changed in portfolio of the fund? – In the first half of the year, cost of gold updated its historical maximum, exceeding the mark of $3,400 per troy ounce. The price growth was driven by demand for safe haven assets amid ongoing geopolitical risks, as well as expectations of lower US rates and a weaker dollar.

Moreover, we see an increase in gold purchases by central banks in developing countries seeking to increase the share of reserves in assets. Following the current market trend, the National Bank of the Republic of Kazakhstan has taken a leading position in the international arena in this indicator, increasing the share of gold in the gold and exchange assets to 62% at the end of the first half of this year.

I also consider it is important to indicate that in February 2025, the National Bank suspended sale of gold from its gold and foreign exchange reserves amid a challenging geopolitical situation in the world. Subsequent introduction of tariffs by US President Donald Trump in April of this year increased volatility in financial markets, and further escalation of the military conflict in Middle East allowed the gold price to reach its historical highs.

Thus, the gold continues to serve as an effective risk hedging instrument. At the end of the first half of the year, value of the National Fund's gold portfolio rose by $0.8 billion or 25.5%. – And what about assets and corporate bonds of emerging market? – Asset portfolio of the emerging market also boasted a growth of $600 million or 5.7%.

This was facilitated by stabilization of commodity prices, recovery of the trading activity and inflow of capital amid improvement of the global risk appetite. Corporate bond portfolio also expanded by $400 million or 8.4% due to a decrease in credit spreads and expectations of rate cuts.

– In the first half of the year, the fund also provided large transfers to the budget. How did this affect volume of foreign currency assets? – This is certainly an important factor that affects the overall dynamics. In the first half of the year, direct transfers to the national budget amounted to 3.12 trillion KZT.

Source fold: nationalbank.kz interviews/executives item 17772. Verify against the live nationalbank.kz page or PDF before citing beyond this page.

Annex: Presidential Report on formation and use 2024

Folded excerpts from the Presidential Report on formation and use of the National Fund for 2024 (approved by Ukaz 11 July 2025 No. 943). Russian primary — figures in thousands of tenge and USD market values for FX / KZT sleeves; Stabilization USD 3.450 bn and Savings USD 56.054 bn; net total USD 66.212 bn; FX return 7.59% / USD 4.6 bn.

Иные данные по управлению Национальным фондом Республики Казахстан за 2024 год. Отчет о поступлениях и использовании Национального фонда Республики Казахстан за 2024 год № Наименование статьи отчета Сумма п/п (тысяч тенге) 1 2 3 1. Средства Национального фонда (далее - Нацфонд) 29 854 109 972 на начало отчетного периода, всего: 2.

Поступления, всего: 3 839 890 920 в том числе: 2.1. прямые налоги от организаций нефтяного сектора 3 808 971 479 (за исключением налогов, зачисляемых в местные бюджеты), в том числе: корпоративный подоходный налог; 1 265 821 683 акцизы на сырую нефть, газовый конденсат от организаций нефтяного сектора; налог на сверхприбыль; 37 567 258 бонусы; 428 589 налог на добычу полезных ископаемых; 680 875 303 рентный налог на экспорт; 442 123 283 доля Республики Казахстан по разделу продукции 1 202 176 439 по заключенным контрактам; дополнительным платеж недропользователя, 179 978 924 осуществляющего деятельность по контракту о разделе продукции, и альтернативный налог на недропользование от организаций нефтяного сектора; 2.2.

другие поступления от операции, осуществляемых 17 400 239 организациями нефтяного сектора (за исключением поступлений, зачисляемых в местные бюджеты), в том числе: административные штрафы, пени, санкции, 14 211 473 взыскания, налагаемые центральными государственными органами, их территориальными подразделениями на организации нефтяного сектора; прочие штрафы, пени, санкции, взыскания, 1 154 107 налагаемые государственными учреждениями, финансируемыми из республиканского бюджета, на организации нефтяного сектора; средства, полученные от нриродопользователей 593 864 но искам о возмещении вреда организациями нефтяного сектора; 4 1 2 3 другие неналоговые поступления от организаций 1 440 795 нефтяного сектора; 2.3.

поступления от продажи земельных участков 62 925 сельскохозяйственного назначения; 2.4. поступления от приватизации республиканской 1 408 836 собственности; 2.5. поступления от передачи в конкурентную среду 47 441 активов национальных управляющих холдингов, национальных холдингов, национальных компаний и их дочерних, зависимых и иных юридических лиц, являющихся аффилированными с ними; 2.6.

поступления от продажи организацией, 12 000 000 специализирующейся на улучшении качества кредитных портфелей банков второго уровня, активов; 2.7. поступления от погашения оюджетных кредитов, выделенных из республиканского бюджета за счет целевых трансфертов из Национального фонда Республики Казахстан до 1 января 2024 года; 2.8.

возврат целевого трансферта из республиканского бюджета; 2.9. иные поступления и доходы, не запрещенные законодательством Республики Казахстан 3. Использование, всего: 5 947 961 154 3.1. гарантированный трансферт; 2 000 000 000 3.2. покрытие расходов, связанных с управлением 21 456 588 Нацфондом и проведением ежегодного внешнего аудита; 3.4.

расходы на выплату целевых требований и оплату 326 504 566* услуг, связанных с переводами и выплатами целевых накоплений в соответствии с законодательством Республики Казахстан 4. Инвестиционный доход, всего: 7 070 737 196 4.1. прибыль/убыток по результатам управления, 2 406 901 537 эассчитанные в тенге; 4.2.

курсовая разница при пересчете 4 663 835 659 5. Изменение суммы начисленных и неоплаченных -16 497 434** расходов Нацфонда 5 1 2 3 6. Разница между справедливой (рыночной) стоимостью -70 172 615 в момент первоначального признания и фактической стоимостью долговых ценных бумаг субъектов квазигосударственного сектора с учетом досрочного погашения 7.

Разницы и округления, в том числе отраженные -1 в финансовой отчетности за прошлые годы 8. Средства Нацфонда на конец отчетного периода, всего: 34 730 106 884 Примечание: * целевые требования (обязательства) из Нацфонда начислены в размере 695 519 тысяч долларов США по среднему курсу доллара США за 2024 год; ** за 2024 год изменение суммы начисленных и неоплаченных расходов в тенге за оказанные Нацфонду услуги составило 16 497 434 тысячи тенге.

Сумма кредиторской задолженности в тенге за оказанные Нацфонду услуги на 31 декабря 2024 года с нарастающим итогом составила 43 688 519 тысяч тенге. При этом на 31 декабря 2023 года эта сумма с нарастающим итогом составляла 27 191 085 тысяч тенге соответственно.

На 1 января 2024 года средства Нацфонда составили 29 854 109 972 тысячи тенге. Общая сумма поступлений в Нацфонд за 2024 год составила 3 839 890 920 тысяч тенге, в том числе за счет поступлений прямых налогов от организаций нефтяного сектора - 3 808 971 479 тысяч тенге, где 2 808 381 295 тысяч тенге (эквивалент 6 115 498 тысячам долларов США) являются поступлениями в иностранной валюте, зачисленными на соответствующий счет Нацфонда в тенге путем проведения операций последовательной конвертации/реконвертации день в день; других поступлений от операций, осуществляемых организациями нефтяного сектора - 17 400 239 тысяч тенге; поступлений от продажи земельных участков сельскохозяйственного назначения - 62 925 тысяч тенге; поступлений от приватизации республиканской собственности - 1 408 836 тысяч тенге и поступлений от передачи в конкурентную среду активов национальных управляющих холдингов, национальных холдингов, национальных компаний и их дочерних, зависимых и иных юридических лиц, являющихся аффилированными с ними, в порядке, определяемом центральным уполномоченны

Source fold: Presidential Report 2024 PDF (nationalbank.kz file/download/111229). Verify against the live nationalbank.kz page or PDF before citing beyond this page.

Annex: Governor Timur Suleimenov biography

Official NBRK Management biography for Governor Timur Suleimenov — education, prior ministries / Presidential Administration roles, 4 September 2023 appointment and 24 August 2026 reappointment.

Timur Suleimenov | NBRK Management | National Bank of Kazakhstan About the NBRK Functions Statistics Press center Publications Research Regulations Financial literacy , from 09:00 to 18:30 × About the NBRK Functions Statistics Press center Publications Research Regulations Financial literacy Monetary policy Financial stability Currency regulation Payment Systems Currency of the Republic of Kazakhstan Digital Assets Framework and purpose of monetary policy Monetary Policy Strategy 2030 The Base Rate 2015 – 2026 Decision Making Schedule Forecasting and Policy Analysis System at the NBK Monetary Policy Report Monetary policy instruments system Monetary operations data Monetary policy guidelines (2000–2019) The role of National Bank in maintaining financial stability Macroprudential policy Systemically important financial institutions The lender of last resort function Council for Financial Stability of the Republic of Kazakhstan Financial Stability Report Financial soundness indicators Currency operations Capital flows Export import Analytical indicators International cooperation Monitoring foreign exchange transactions National payment systems Oversight on the payment services market Digital Financial Infrastructure Additional information Coins History of the national currency New banknotes series «Saka style» Minted gold bars NBK Coin Online Shop user's manual International awards Recommendations for storage of coins made of precious metals Exchange operations with foreign currency in cash Social research on payment preferences of general public and business entities Additional information Regulation of the digital assets market Regulatory Sandbox for Digital Financial Assets Additional information NBK short-term notes auction NBK Auction for the purchase of securities with the reverse sale Deposit auction of NBK Open position of the NBK's operations Data on NBK foreign exchange operations and interventions Banks’ correspondent account balances with the NBK in the domestic currency Payment systems register Register of Important Payment Service Providers Registry of payment organizations Electronic money system register Digital Tenge Open API, Open Banking Reporting forms for payment processing and money transfers Analytical Information Publications and reports The Reference-book of the BIC of RK Circulation coins of Kazahstan Bullion coins Collector Coins Coins from precious and base metals sold at branches of the National Bank "Know Your Money" Course Register of unsecured digital asset exchange operators Register of digital financial asset platform operators Register of trading platform operators List of authorized unsecured digital assets Register of participants (companies) of the special regulatory regime Operating procedure for the Regulatory Sandbox for Digital Financial Assets Reporting forms Publications and research About the National Bank NBRK Management NBRK mission The NBRK Management Bodies Structure and organizations of the National Bank Employment in the NBRK International Cooperation General public and businesses Official documents NBK main documents The museum of the National Bank History of the National Bank Constitution of the Republic of Kazakhstan National symbols Anti-corruption work NBK status and structure NBK regulations NBK Strategic Plan Statement by the Government and the National Bank Excursion Экспонаты The NBK Board The Board of Directors of the NBK Monetary Policy Committee Body of the National Bank of Kazakhstan Central headquarters Permanent Representative Office of the NBK in Almaty Branches Organizations and subsidiaries Regional branches The Center for Cash Operations and Valuable Storage Vacant positions Electronic resume Internships in the NBK Questions and Answers Acts and other legal documents concerning employment International Cooperation General information Integration cooperation Cooperation with central banks of foreign countries Cooperation with international financial organizations Программы Услуги для общественности Information on financial institutions Procurement of the National Bank Competitions and tenders Consideration of applications of individuals and legal entities Anticorruption efforts Отчет о состоянии регулирования предпринимательской деятельности Additional information Current programs Past programs Рublic services Report on government services Contact phone numbers of service providers Результаты общественного мониторинга качества оказания государственных услуг Survey Refinancing Rate of the NBK Electronic references Exchange rate Register of licenses of the National Bank Measures being imposed Procurement plan of the National Bank LSI on procurement Procedure of consideration of appeals and reception of natural persons and representatives of legal entities in NBRK Procedure to dispute the decisions made on the basis of results of the appeal consideration Schedule of reception of individuals and representatives of the legal entities Legislation Clarifications and recommendations International Documents Technical resources Contacts Questions and Answers Data License Schedule of Release of statistical information Foreign exchange rates and price of gold Statistics of the National Fund of the RK Monetary and Banking Statistics External Sector Statistics Performance of financial sector National payment system statistics Government Securities Market Methodology Special Data Dissemination Standard (SDDS) Statistical publications of the NBK Daily Official (market) Foreign Exchange Rates Gold Official Foreign Exchange Rates on average for the period Archive data on NBK’s Exchange Rates Archive of official exchange rates from 1993 to 1999 Market exchange rates from 06.01.2016 to 01.02.2016 Management results of foreign currency assets of the Republic of Kazakhstan National Fund National Fund for children Operations of the National fund and financial instruments of kazakhstani issuers Monetary statistics Deposit market Loan market Foreign Exchange Market Methodology International Reserves and foreign currency assets of the National Fund of Republic of Kazakhstan Monetary Base and Aggregates of Broad Money Monetary Survey of the National Bank of the Republic of Kazakhstan Monetary Survey of banks Banking System Monetary Survey Other Financial Institutions Survey Financial Sector Survey Depository Organizations Deposits Current accounts in banks (regional breakdown) Current accounts attracted by banks (regional breakdown) Deposits in Banks, regional breakdown Deposits attracted by banks (regional breakdown) Deposits of individuals in the banks of Kazakhstan Interest rates of banks on attracted deposits(by maturity and types of currency) Loans to economy in an expanded format Loans from banking sector to economy Loans from banking sector to economy (analytical presentation) Loans to economy from second-tier banks (historical data) Purchases/Sales of Cash Foreign Currency by Exchange Offices (Bureaus) Over-the-counter Market Operations Results of trades on KASE Interbank loans and deposits Balance of Payments External Debt Public sector external debt in an expanded definition International Investment Position Direct Investments according to the directional principle International Reserves and Foreign Currency Liquidity Effective Exchange Rate indices Methodology Banking sector Insurance sector Professional securities market participants Accumulative pension system Organizations engaged in certain types of banking оperations Banking conglomerates and insurance groups Microfinance activities Collection activities Methodology Total reports Financial performance Total reports Financial performance Total reports Financial performance Total reports Financial performance Total reports Financial performance Financial performance Total reports Financial performance Interbank System of Money Transfer and Interbank Clearing System Statistics of payment cards Statistics of payment instruments International and local remittances Electronic money Share of Kazakhstan Government Securities Held by Non-Residents Government Securities Primary Auctions Secondary Market of the Government Securities Structure of national currency denominated Government Securities in Circulation Accounting methodology for banks and other financial companies Methodology of external sector statistics Metadata Methodological comment Advance Release Calendar NBK Statistical Bulletin Kazakhstan: Balance of Payments and External Debt Press releases Public information messages Interviews and official statements by the NBK executives Reports, presentations and statements Calendar Media Video Results and performance of the NBK Analytical and statistical publications Survey results Archive publications Annual Report of the NBK NBK bulletin Monetary Policy Report Financial Stability Report Kazakhstan Macro & Market Overview Kazakhstan: Balance of Payments and External Debt Inflation trends Inflation trends in the regions NBK Statistical Bulletin Inflation expectations Macroeconomic survey of the National Bank Enterprise Monitoring Bank Lending Survey Kazakhstan Business Activity Index (BAI) Market Review.

Outcomes of Enterprise Surveys in the Economy Industry-specific Market Review. Outcomes of Enterprise Surveys Broken Down by Industries Financial Market Review Previous publications Brief overview of the economy Kazakhstan’s external sector review Financial market overview Research initiatives of the NBK Working paper series of the National Bank of Kazakhstan "NBRK Economic Review" Publication Analytical notes Research grants of the National Bank Research conferences Regulatory legal framework Decree of the President of the Republic of Kazakhstan Laws of the Republic of Kazakhstan Regulations of Government of the Republic of Kazakhstan Concepts Regulations of NBK Press releases concerning the draft regulations Public review draft regulations Regulations of Government of the Republic of Kazakhstan Press releases The National Bank Monetary policy Cash management Monetary tools Foreign exchange regulation and currency control Payment systems Digital Assets Stability of the financial system Accounting and financial reporting Regulatory reporting of financial institutions Information security NBK public services Procurement by NBK Green economy Other Banks and mortgage organizations Accumulative pension funds Insurance organizations Organizations engaged in certain types of banking operations Professional participants of securities market Other Banking sector Insurance sector Securities market Accumulative pension system Consolidated supervision Microfinance organizations Organizations engaged in certain types of banking operations Debt collection agencies Credit bureau Other Knowledge library Financial literacy Frequently asked questions answered Knowledge base Financial Literacy Basics Animated Videos BarsIQ Interactive Simulator Alatau City Virtual World , from 09:00 to 18:30 Home About the National Bank NBRK Management Timur Suleimenov Governor of the National Bank of Kazakhstan Date of Birth: April 5, 1978.

Education Graduated from the Pavlodar State University with a degree in Economics and Management in Social Sector and Industries (2000). Graduated from the University of Maryland under the Bolashak Programme with a Master's degree in Business with a major in Finance (USA, 2002).

Professional Experience 2002-2006 – Tax Consultant, Ernst & Young Kazakhstan. 2006-2009 – Director of the Tax Accounting and Tax Planning Department, KazMunaiGas Exploration Production (oil and gas company). 2009-2010 – Vice-Minister of Economy and Budget Planning.

2010-2012 – Vice Minister of Economic Development and Trade. 2012-2016 – Member of the Board (Minister) in charge of Economy and Financial Policy, Eurasian Economic Commission. 2016-2019 – Minister of National Economy of the Republic of Kazakhstan. 2019 – Deputy Governor, National Bank of Kazakhstan.

2019 – Assistant to the President of the Republic of Kazakhstan. 2019-2022 – Deputy Chief of Staff on socio-economic issues of the President of the Republic of Kazakhstan. 2022-2023 – First Deputy Chief of Staff of the President of the Republic of Kazakhstan. Suleimenov was appointed as the Governor of the National Bank of Kazakhstan by the President Decree of the Republic of Kazakhstan No 334.

Suleimenov was appointed as the Governor of the National Bank of Kazakhstan by the President Decree of the Republic of Kazakhstan No 1403. Back About the NBRK Statistics Press center Publications Research Regulations Financial literacy Monetary policy Financial stability Currency regulation Payment Systems National currency Digital Assets Questions and Answers For inquiries: eotinish.kz Digital portal digital.nationalbank.kz For information: + 7 7172 77-55-77 ( , from 09:00 to 18:30) .kz data.nationalbank.kz Data License Office +7 7172 77-51-10 +7 7172 77-51-12 +7 7172 77-51-17 +7 7172 77-51-18 Media enquiries +7 717 277–52–10 Working days, from 09:00 to 18:30 .kz Report corruption +7 717 277–56–37 anticorruption@nationalbank.kz Central Headquarters 64 Mangilik El Avenue, Astana, Z00A9G3 Permanent Representative Office of the NBK in Almaty 67 Aiteke bi Street, Almaty, A05BOY8 NBK Departments and Regional Branches Department Contacts→ Regional Branch Contacts→ , from 09:00 to 18:30 National Bank of Kazakhstan, 2026 To the top External Internet resource You are about to leave the NBK web site to visit an external Internet resource.

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Source fold: https://nationalbank.kz/en/news/rukovodstvo-nbk/5028. Verify against the live nationalbank.kz page or PDF before citing beyond this page.

Annex: Deputy Governor Aliya Moldabekova biography

Official NBRK Management biography for Deputy Governor Aliya Moldabekova — Monetary Operations career path through Director of Monetary Operations / Asset Management, Presidential appointment 26 December 2019, awards. Instantiations maps this seat with Deputy Governor title — not an invented NFRK CIO label.

Aliya Moldabekova | NBRK Management | National Bank of Kazakhstan About the NBRK Functions Statistics Press center Publications Research Regulations Financial literacy , from 09:00 to 18:30 × About the NBRK Functions Statistics Press center Publications Research Regulations Financial literacy Monetary policy Financial stability Currency regulation Payment Systems Currency of the Republic of Kazakhstan Digital Assets Framework and purpose of monetary policy Monetary Policy Strategy 2030 The Base Rate 2015 – 2026 Decision Making Schedule Forecasting and Policy Analysis System at the NBK Monetary Policy Report Monetary policy instruments system Monetary operations data Monetary policy guidelines (2000–2019) The role of National Bank in maintaining financial stability Macroprudential policy Systemically important financial institutions The lender of last resort function Council for Financial Stability of the Republic of Kazakhstan Financial Stability Report Financial soundness indicators Currency operations Capital flows Export import Analytical indicators International cooperation Monitoring foreign exchange transactions National payment systems Oversight on the payment services market Digital Financial Infrastructure Additional information Coins History of the national currency New banknotes series «Saka style» Minted gold bars NBK Coin Online Shop user's manual International awards Recommendations for storage of coins made of precious metals Exchange operations with foreign currency in cash Social research on payment preferences of general public and business entities Additional information Regulation of the digital assets market Regulatory Sandbox for Digital Financial Assets Additional information NBK short-term notes auction NBK Auction for the purchase of securities with the reverse sale Deposit auction of NBK Open position of the NBK's operations Data on NBK foreign exchange operations and interventions Banks’ correspondent account balances with the NBK in the domestic currency Payment systems register Register of Important Payment Service Providers Registry of payment organizations Electronic money system register Digital Tenge Open API, Open Banking Reporting forms for payment processing and money transfers Analytical Information Publications and reports The Reference-book of the BIC of RK Circulation coins of Kazahstan Bullion coins Collector Coins Coins from precious and base metals sold at branches of the National Bank "Know Your Money" Course Register of unsecured digital asset exchange operators Register of digital financial asset platform operators Register of trading platform operators List of authorized unsecured digital assets Register of participants (companies) of the special regulatory regime Operating procedure for the Regulatory Sandbox for Digital Financial Assets Reporting forms Publications and research About the National Bank NBRK Management NBRK mission The NBRK Management Bodies Structure and organizations of the National Bank Employment in the NBRK International Cooperation General public and businesses Official documents NBK main documents The museum of the National Bank History of the National Bank Constitution of the Republic of Kazakhstan National symbols Anti-corruption work NBK status and structure NBK regulations NBK Strategic Plan Statement by the Government and the National Bank Excursion Экспонаты The NBK Board The Board of Directors of the NBK Monetary Policy Committee Body of the National Bank of Kazakhstan Central headquarters Permanent Representative Office of the NBK in Almaty Branches Organizations and subsidiaries Regional branches The Center for Cash Operations and Valuable Storage Vacant positions Electronic resume Internships in the NBK Questions and Answers Acts and other legal documents concerning employment International Cooperation General information Integration cooperation Cooperation with central banks of foreign countries Cooperation with international financial organizations Программы Услуги для общественности Information on financial institutions Procurement of the National Bank Competitions and tenders Consideration of applications of individuals and legal entities Anticorruption efforts Отчет о состоянии регулирования предпринимательской деятельности Additional information Current programs Past programs Рublic services Report on government services Contact phone numbers of service providers Результаты общественного мониторинга качества оказания государственных услуг Survey Refinancing Rate of the NBK Electronic references Exchange rate Register of licenses of the National Bank Measures being imposed Procurement plan of the National Bank LSI on procurement Procedure of consideration of appeals and reception of natural persons and representatives of legal entities in NBRK Procedure to dispute the decisions made on the basis of results of the appeal consideration Schedule of reception of individuals and representatives of the legal entities Legislation Clarifications and recommendations International Documents Technical resources Contacts Questions and Answers Data License Schedule of Release of statistical information Foreign exchange rates and price of gold Statistics of the National Fund of the RK Monetary and Banking Statistics External Sector Statistics Performance of financial sector National payment system statistics Government Securities Market Methodology Special Data Dissemination Standard (SDDS) Statistical publications of the NBK Daily Official (market) Foreign Exchange Rates Gold Official Foreign Exchange Rates on average for the period Archive data on NBK’s Exchange Rates Archive of official exchange rates from 1993 to 1999 Market exchange rates from 06.01.2016 to 01.02.2016 Management results of foreign currency assets of the Republic of Kazakhstan National Fund National Fund for children Operations of the National fund and financial instruments of kazakhstani issuers Monetary statistics Deposit market Loan market Foreign Exchange Market Methodology International Reserves and foreign currency assets of the National Fund of Republic of Kazakhstan Monetary Base and Aggregates of Broad Money Monetary Survey of the National Bank of the Republic of Kazakhstan Monetary Survey of banks Banking System Monetary Survey Other Financial Institutions Survey Financial Sector Survey Depository Organizations Deposits Current accounts in banks (regional breakdown) Current accounts attracted by banks (regional breakdown) Deposits in Banks, regional breakdown Deposits attracted by banks (regional breakdown) Deposits of individuals in the banks of Kazakhstan Interest rates of banks on attracted deposits(by maturity and types of currency) Loans to economy in an expanded format Loans from banking sector to economy Loans from banking sector to economy (analytical presentation) Loans to economy from second-tier banks (historical data) Purchases/Sales of Cash Foreign Currency by Exchange Offices (Bureaus) Over-the-counter Market Operations Results of trades on KASE Interbank loans and deposits Balance of Payments External Debt Public sector external debt in an expanded definition International Investment Position Direct Investments according to the directional principle International Reserves and Foreign Currency Liquidity Effective Exchange Rate indices Methodology Banking sector Insurance sector Professional securities market participants Accumulative pension system Organizations engaged in certain types of banking оperations Banking conglomerates and insurance groups Microfinance activities Collection activities Methodology Total reports Financial performance Total reports Financial performance Total reports Financial performance Total reports Financial performance Total reports Financial performance Financial performance Total reports Financial performance Interbank System of Money Transfer and Interbank Clearing System Statistics of payment cards Statistics of payment instruments International and local remittances Electronic money Share of Kazakhstan Government Securities Held by Non-Residents Government Securities Primary Auctions Secondary Market of the Government Securities Structure of national currency denominated Government Securities in Circulation Accounting methodology for banks and other financial companies Methodology of external sector statistics Metadata Methodological comment Advance Release Calendar NBK Statistical Bulletin Kazakhstan: Balance of Payments and External Debt Press releases Public information messages Interviews and official statements by the NBK executives Reports, presentations and statements Calendar Media Video Results and performance of the NBK Analytical and statistical publications Survey results Archive publications Annual Report of the NBK NBK bulletin Monetary Policy Report Financial Stability Report Kazakhstan Macro & Market Overview Kazakhstan: Balance of Payments and External Debt Inflation trends Inflation trends in the regions NBK Statistical Bulletin Inflation expectations Macroeconomic survey of the National Bank Enterprise Monitoring Bank Lending Survey Kazakhstan Business Activity Index (BAI) Market Review.

Outcomes of Enterprise Surveys in the Economy Industry-specific Market Review. Outcomes of Enterprise Surveys Broken Down by Industries Financial Market Review Previous publications Brief overview of the economy Kazakhstan’s external sector review Financial market overview Research initiatives of the NBK Working paper series of the National Bank of Kazakhstan "NBRK Economic Review" Publication Analytical notes Research grants of the National Bank Research conferences Regulatory legal framework Decree of the President of the Republic of Kazakhstan Laws of the Republic of Kazakhstan Regulations of Government of the Republic of Kazakhstan Concepts Regulations of NBK Press releases concerning the draft regulations Public review draft regulations Regulations of Government of the Republic of Kazakhstan Press releases The National Bank Monetary policy Cash management Monetary tools Foreign exchange regulation and currency control Payment systems Digital Assets Stability of the financial system Accounting and financial reporting Regulatory reporting of financial institutions Information security NBK public services Procurement by NBK Green economy Other Banks and mortgage organizations Accumulative pension funds Insurance organizations Organizations engaged in certain types of banking operations Professional participants of securities market Other Banking sector Insurance sector Securities market Accumulative pension system Consolidated supervision Microfinance organizations Organizations engaged in certain types of banking operations Debt collection agencies Credit bureau Other Knowledge library Financial literacy Frequently asked questions answered Knowledge base Financial Literacy Basics Animated Videos BarsIQ Interactive Simulator Alatau City Virtual World , from 09:00 to 18:30 Home About the National Bank NBRK Management Aliya Moldabekova Deputy Governor of the National Bank of Kazakhstan Moldabekova was born on May 04, 1976 in Almaty city.

Moldabekova graduated from the Al-Farabi Kazakh State National University in 1999, holder of a PhD. Her professional career commenced in 1999 at the Al-Farabi Kazakh State National University in the position of an assistant at the Department of Computer Software and Mathematical Cybernetics.

Moldabekova worked as a junior analyst and consequently as a senior analyst at the Portfolio and Financial Markets Analysis Division, Monetary Operations Department at the National Bank of Kazakhstan. From August 2003 through December 2012 she proceeded as a senior analyst at the Analysis and Risk Division, a senior dealer at the Dealing Operations Division, Head of the Analysis and Risks Division, Monetary Operations Department at the National Bank of Kazakhstan.

From December 2012 through October 2015 she was promoted to the position of a Deputy Director of the Monetary Operations Department (Department of Monetary Operations and Asset Management) at the National Bank of Kazakhstan. Moldabekova was appointed as a Director of the Department of Monetary Operations and Asset Management back in October 2015, and since February 2016 following the structural reorganization process at the National Bank of Kazakhstan as a Director of the Monetary Operations Department at the National Bank of Kazakhstan.

By the Order of the President of the Republic of Kazakhstan dated 26 December 2019, Aliya Moldabekova was appointed Deputy Governor of the National Bank of the Republic of Kazakhstan. She was awarded the «Order of Kurmet», the medal of the Republic of Kazakhstan «For Distinguished Labour» and the jubilee medals «20 years of independence of the Republic of Kazakhstan», «20 years to Kazakhstan Tenge», «20 years to Astana», «30 years to Kazakhstan Tenge», and the badge «Honored employee of the National Bank o Kazakhstan».

She has repeatedly been granted with Appreciation letters from the Governor of the National Bank of Kazakhstan. Back About the NBRK Statistics Press center Publications Research Regulations Financial literacy Monetary policy Financial stability Currency regulation Payment Systems National currency Digital Assets Questions and Answers For inquiries: eotinish.kz Digital portal digital.nationalbank.kz For information: + 7 7172 77-55-77 ( , from 09:00 to 18:30) .kz data.nationalbank.kz Data License Office +7 7172 77-51-10 +7 7172 77-51-12 +7 7172 77-51-17 +7 7172 77-51-18 Media enquiries +7 717 277–52–10 Working days, from 09:00 to 18:30 .kz Report corruption +7 717 277–56–37 anticorruption@nationalbank.kz Central Headquarters 64 Mangilik El Avenue, Astana, Z00A9G3 Permanent Representative Office of the NBK in Almaty 67 Aiteke bi Street, Almaty, A05BOY8 NBK Departments and Regional Branches Department Contacts→ Regional Branch Contacts→ , from 09:00 to 18:30 National Bank of Kazakhstan, 2026 To the top External Internet resource You are about to leave the NBK web site to visit an external Internet resource.

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Annex: Concept for National Fund asset management to 2030

Folded Russian NBK notice (14 April 2023) announcing the draft Concept for managing National Fund assets through 2030 — long-term investor framing, illustrative 60/30/5/5 savings mix, USD 100 billion by 2030 goal language, National Fund for Children linkage. Prefer AR 2025 50/50 target where strategy vintages differ.

Разработана Концепция по управлению активами Национального фонда Казахстана до 2030 года | Информационные сообщения | Национальный Банк Казахстана О НБРК Функции Статистика Пресс-центр Публикации Исследования НПА Финграмота Контакт-центр Рабочие дни, с 09:00 до 18:30 × О НБРК Функции Статистика Пресс-центр Публикации Исследования НПА Финграмота Денежно-кредитная политика Финансовая стабильность Валютное регулирование Платежные системы Национальная валюта Цифровые активы Режим и цель денежно-кредитной политики Стратегия денежно-кредитной политики до 2030 года Базовая ставка График принятия решений по базовой ставке 2015–2026 Система анализа и прогнозирования в Национальном Банке Доклад о денежно-кредитной политике Система инструментов ДКП Данные по операциям денежно-кредитной политики Основные направления денежно-кредитной политики (2000–2019) Роль Национального Банка в поддержании финансовой стабильности Макропруденциальная политика Системно значимые финансовые организации Функция заимодателя последней инстанции Совет по финансовой стабильности Республики Казахстан Отчет о финансовой стабильности Казахстана Индикаторы финансовой устойчивости Валютные операции Движение капитала Экспорт-импорт Аналитические индикаторы Международное сотрудничество Мониторинг валютных операций Национальные платежные системы Регулирование рынка платежных услуг Цифровая финансовая инфраструктура Дополнительная информация Монеты История национальной валюты Новая серия банкнот «Сакский стиль» Мерные слитки золота Инструкция для пользователей интернет-магазина монет НБК Международные награды Рекомендации по хранению монет из драгоценных металлов Осуществление обменных операций с наличной иностранной валютой Социологическое исследование о платежных предпочтениях субъектов экономики Дополнительная информация Регулирование рынка цифровых активов Особый режим регулирования (регуляторная песочница) Национального Банка Республики Казахстан Дополнительная информация Аукцион НБК по размещению краткосрочных нот Аукцион НБК по покупке ценных бумаг с обратной продажей Депозитный аукцион НБК Открытая позиция по операциям НБК Данные по валютным операциям и интервенциям НБК Денежные средства банков на корреспондентских счетах в НБК в национальной валюте Реестр платежных систем Реестр значимых поставщиков платежных услуг Реестр платежных организаций Реестр систем электронных денег Цифровой тенге Open API, Open Banking Формы отчетности по платежам и переводам денег Аналитическая информация Публикации и доклады Справочник БИК РК Циркуляционные монеты Инвестиционные монеты Коллекционные монеты Монеты из драгоценных и недрагоценных металлов, реализуемые в филиалах Национального Банка Курс «Знай свои деньги» Реестр операторов обмена необеспеченных цифровых активов Реестр операторов платформы цифровых финансовых активов Реестр операторов торговой платформы Перечень разрешенных необеспеченных цифровых активов Реестр участников (компаний) особого режима регулирования Порядок функционирования особого режима регулирования Формы отчетности Публикации и исследования О Национальном Банке Руководство НБРК Миссия НБРК Органы управления НБРК Структура НБРК Трудоустройство в НБРК Международное сотрудничество Гражданам и бизнесу Официальные документы Основные документы НБК Музей НБК История Национального Банка Конституция Республики Казахстан Государственные символы Работа по вопросам противодействия коррупции Положение и структура НБК Регламент НБК Стратегический план НБК Совместная работа Правительства и НБК Экскурсия Экспонаты Правление Совет директоров НБК Комитет по денежно-кредитной политике Структура центрального аппарата НБК Центральный аппарат Постоянное Представительство НБК в городе Алматы Филиалы Организации и дочерние предприятия Территориальные филиалы Центр кассовых операций и хранения ценностей Вакантные должности Электронное резюме Практика в НБК Вопрос-ответ Акты и другие документы по кадровым вопросам Международное сотрудничество Общая информация Интеграционное сотрудничество Взаимодействие с центральными банками стран дальнего зарубежья Сотрудничество с международными финансовыми организациями Программы Государственные услуги НБРК Услуги для общественности Информация по финансовым организациям Закупки Национального Банка Конкурсы и тендеры Рассмотрение обращений физических и юридических лиц Противодействие легализации преступных доходов и финансированию терроризма Отчет о состоянии регулирования предпринимательской деятельности Дополнительная информация Действующие программы Прошлые программы Государственные услуги Отчет по государственным услугам Контактные телефоны услугодателей Результаты общественного мониторинга качества оказания государственных услуг Опрос Ставка рефинансирования НБК Электронные справки Курсы валют Реестр разрешений и уведомлений Примененные меры План закупок Национального Банка НПА по закупкам Объявления Административный процедурно-процессуальный кодекс Республики Казахстан Порядок рассмотрения обращений физических и юридических лиц в НБК Порядок обжалования решений, принятых по результатам рассмотрения обращений График приема физических лиц и представителей юридических лиц Законодательство Разъяснения и рекомендации Международные документы Технические ресурсы Контакты Вопрос-ответ Об использовании данных График выпуска статистической информации Курсы валют и стоимость золота Статистика Национального фонда РК Денежно-кредитная и банковская статистика Статистика внешнего сектора Показатели финансового сектора Статистика национальной платежной системы Рынок государственных ценных бумаг Методология Специальный стандарт распространения данных Формы статистической и административной отчетности Статистические издания НБРК Ежедневные официальные (рыночные) курсы валют Стоимость 1 грамма золота в тенге Официальные курсы валют в среднем за период Архивные данные по курсам валют НБРК Архив официальных курсов валют с 1993 по 1999 Рыночные курсы валют с 06.01.2016 по 01.02.2016 Результаты управления валютными активами Национального фонда РК Отчет о формировании и использовании Национального фонда Национальный фонд – детям Операции Национального фонда и финансовые инструменты казахстанских эмитентов Монетарная статистика Депозитный рынок Кредитный рынок Валютный рынок Методология Международные резервы и валютные активы Национального фонда РК Денежная база и агрегаты широкой денежной массы Монетарный обзор Национального Банка Республики Казахстан Монетарный обзор по банкам Монетарный обзор по банковской системе Обзор других финансовых организаций Обзор финансового сектора Депозиты в депозитных организациях Текущие счета в банках в региональном разрезе Текущие счета, привлеченные банками, в региональном разрезе Вклады в банках в региональном разрезе Вклады, привлеченные банками, в региональном разрезе Вклады населения в банках Казахстана Ставки вознаграждения банков по привлеченным депозитам (по срокам и видам валют) Кредиты экономике в расширенном определении Кредиты банковского сектора экономике Кредиты банковского сектора экономике (аналитическое представление) Кредиты экономике от банков второго уровня (исторические данные) Покупка/продажа иностранной валюты Внебиржевые операции Итоги торгов на Казахстанской Фондовой Бирже (KASE) Рынок межбанковских кредитов и депозитов Платежный баланс Внешний долг Внешний долг государственного сектора в расширенном определении Международная инвестиционная позиция Прямые инвестиции по направлению вложения Международные резервы и ликвидность в иностранной валюте Индексы эффективных обменных курсов Методология Банковский сектор Страховой сектор Профессиональные участники рынка ценных бумаг Накопительная пенсионная система Организации, осуществляющие отдельные виды банковских операций Банковские конгломераты и страховые группы Микрофинансовая деятельность Коллекторская деятельность Методология Сводные отчеты Финансовые показатели Сводные отчеты Финансовые показатели Сводные отчеты Финансовые показатели Сводные отчеты Финансовые показатели Сводные отчеты Финансовые показатели Финансовые показатели Сводные отчеты Финансовые показатели Межбанковская система перевода денег и Система межбанковского клиринга Платежные карточки и электронные банковские услуги Статистика по платежным инструментам Денежные переводы (международные и внутристрановые) Электронные деньги Доля государственных ценных бумаг РК во владении нерезидентов Первичный рынок государственных ценных бумаг Вторичный рынок государственных ценных бумаг Структура номинированных в национальной валюте ГЦБ в обращении Методология бухгалтерского учета для банков и других финансовых компаний Методология статистики внешнего сектора Метаданные Методологический комментарий Календарь распространения данных Статистический бюллетень НБРК Платежный баланс и внешний долг РК Пресс-релизы Информационные сообщения Интервью и официальные комментарии руководства НБК Доклады и выступления Календарь Медиа Видео Результаты деятельности НБК Аналитические и статистические издания Результаты опросов Архивные публикации Годовой отчет НБК Вестник НБК Доклад о денежно-кредитной политике Отчет о финансовой стабильности Казахстана Kazakhstan Macro & Market Overview: отчет о макроэкономической ситуации и обзор рынка капитала Платежный баланс и внешний долг РК Инфляционные тенденции Инфляционные тенденции в регионах Статистический бюллетень НБК Инфляционные ожидания Макроэкономический опрос Национального Банка Разовый опрос населения о депозитах Мониторинг предприятий Опрос банков по кредитному рынку Индекс деловой активности по Казахстану (ИДА) Конъюнктурный обзор.

Результаты опросов предприятий по экономике Отраслевой конъюнктурный обзор. Результаты опросов предприятий в разрезе отраслей Обзор финансового рынка Тенденции кредитования Краткий обзор экономики Обзор внешнего сектора Казахстана Обзор финансового рынка Исследовательская деятельность НБРК Экономические исследования Национального Банка Издание «Экономическое обозрение НБРК» Аналитические записки Исследовательские гранты Национального Банка Научно-практические конференции Нормативная правовая база Правовой мониторинг Указы Президента РК Законы РК Постановления Правительства Республики Казахстан Концепции НПА НБК Пресс-релизы о проектах НПА Обсуждение проектов НПА Постановления Правительства РК Пресс-релизы о постановлениях Правительства Национальный Банк Денежно-кредитная политика Работа с наличными деньгами Монетарная деятельность Валютное регулирование и валютный контроль Платежные системы Цифровые активы Обеспечение стабильности финансовой системы Бухгалтерский учет и финансовая отчетность Регуляторная отчетность финансовых организаций Информационная безопасность Государственные услуги НБК Закупки НБК Зеленая экономика Другое Банки и ипотечные компании Накопительные пенсионные фонды Страховые организации Организации, осуществляющие отдельные виды банковских операций Профессиональные участники рынка ценных бумаг Другие Банковский сектор Cтраховой сектор Рынок ценных бумаг Накопительная пенсионная система Консолидированный надзор Микрофинансовые организации Организации, осуществляющие отдельные виды банковских операций Коллекторские агентства Кредитные бюро Другие Библиотека Финансовая грамотность Ответы на часто задаваемые вопросы База знаний Основы финансовой грамотности Мультфильмы Тренажер BarsIQ Виртуальный город Alatau City Контакт-центр Рабочие дни, с 09:00 до 18:30 Разработана Концепция по управлению активами Национального фонда Казахстана до 2030 года 14.04.2023 Национальный Банк Казахстана (НБК) сообщает о разработке Концепции по управлению активами Национального фонда РК до 2030 года (далее – Концепция).

Проект размещен на портале Открытые НПА. Документ разработан в рамках реализации Плана действий по реализации Концепции управления государственными финансами РК до 2030 года, утвержденной Указом Президента (далее – КУГФ), и регламентирует процесс управления активами Национального фонда.

Разработанная НБК Концепция НФ определяет политику инвестирования, основные принципы и подходы управления активами Национального фонда. В свою очередь, вопросы формирования и использования Национального фонда, то есть управления государственными финансами, определяются и регулируются положениями КУГФ.

Концепция устанавливает принцип долгосрочного инвестирования средств Национального фонда, необходимого при внедрении стратегической аллокации активов, которая позволяет комбинировать рисковые и защитные классы активов. Доли сберегательного портфеля Национального фонда распределены следующим образом: 60% облигаций, 30% акций, до 5% альтернативных инструментов и до 5% золота.

Новое распределение также предполагает диверсификацию портфеля облигаций на государственные облигации развитых стран, корпоративные облигации и государственные облигации развивающихся стран. Кроме того, Концепция закладывает основы инвестиционного процесса и определяет показатели эффективности управления активами Национального фонда.

Заложенные в документе принципы и подходы направлены на повышение доходности Национального фонда через диверсификацию инвестиционного портфеля, определение основных стратегий и инструментов, включая применение защитных стратегий и факторного инвестирования, в том числе ESG.

Таким образом, целью разработки Концепции является укрепление фундамента и утверждение основ, необходимых НБК для подтверждения своего статуса как долгосрочного институционального инвестора. Реализация Концепции, то есть соблюдение закладываемых в ней ограничений, принципов и подходов, будет способствовать достижению цели по накоплению 100 млрд долларов США к 2030 году и успешному функционированию программы «Нацфонд – детям».

Более подробную информацию представители СМИ могут получить по телефону: 8 (7172) 77–52–10 e-mail: .kz www.nationalbank.kz Разработана Концепция по управлению активами Национального фонда Республики Казахстан до 2030 года 566.97 Кб Дата публикации: 14.04.2023 Вернуться Репозиторий Открытых Данных О НБРК Статистика Пресс-центр Публикации Исследования НПА Финграмота Версия для слабовидящих Денежно-кредитная политика Финансовая стабильность Валютное регулирование Платежные системы Национальная валюта Цифровые активы Вопрос-ответ Для обращений: eotinish.kz Цифровой портал digital.nationalbank.kz Для информации: + 7 7172 77-55-77 Контакт-центр (рабочие дни, с 09:00 до 18:30) .kz Репозиторий открытых данных data.nationalbank.kz Об использовании данных Канцелярия +7 7172 77-51-10 +7 7172 77-51-12 +7 7172 77-51-17 +7 7172 77-51-18 По запросам СМИ +7 717 277–52–10 Рабочие дни, с 09:00 до 18:30 .kz Для сообщений о фактах коррупции +7 717 277–56–37 anticorruption@nationalbank.kz Центральный аппарат НБК Z00A9G3, Астана, проспект Мәңгілік Ел, 64 Постоянное представительство НБК в городе Алматы A05BOY8, Алматы, улица Айтеке би, 67 Департаменты и филиалы НБК Контакты департаментов→ Контакты филиалов→ Контакт-центр Рабочие дни, с 09:00 до 18:30 Национальный Банк Казахстана, 2026 Наверх Переход по внешней ссылке Внимание!

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Source fold: https://nationalbank.kz/ru/news/informacionnye-soobshcheniya/15339. Verify against the live nationalbank.kz page or PDF before citing beyond this page.

Annex: Adjacent gold & FX reserves context (AR §2.1)

Adjacent NBK Annual Report 2025 language on gold and foreign-exchange assets of the National Bank (not identical to National Fund AUM). Useful for researchers who must not conflate NBK GFE reserves with National Fund FX assets, while noting related FX-sale / gold-purchase operational themes.

Management of the Gold and Foreign Exchange Assets of the National Bank....................................................................................................................... Management of the Assets of the National Fund ..........................................

Management of the Pension Assets of the Unified Accumulative Pension Fund ....................................................................................................................... Financial Risk Management..........................................................................

Organization of Cash Circulation ................................................................. Issue and Circulation of Cash ............................................................... Examination of Banknotes and Coins of the National Currency .........

Collectible and Investment Coins, Refined Gold Bullions................... Currency Regulation and Currency Control ................................................. Currency Regulation and Monitoring of Currency Operations ............ Control over Operations with Foreign Currency Cash .........................

REGULATION AND SUPERVISION OF THE PAYMENT MARKET AND DIGITAL ASSETS INDUSTRY ................................................................................ Payment Systems ..........................................................................................

Payment Services Market.............................................................................. National Digital Financial Infrastructure (NDFI) ......................................... Crypto-Fiat Infrastructure .............................................................................

Regulatory Sandbox of the National Bank ................................................... INFORMATION AND ANALYTICAL SUPPORT FOR ACTIVITIES ........... Statistical Activity .........................................................................................

International Cooperation ............................................................................. Research Activity .......................................................................................... Communication Policy ..................................................................................

CORPORATE GOVERNANCE AND DIGITALIZATION OF THE NATIONAL BANK ....................................................................................................

Source fold: NBK AR 2025 §2.1 (same PDF). Verify against the live nationalbank.kz page or PDF before citing beyond this page.

Annex: SWF peers

Peer registry links for commodity / sovereign savings funds and large public investors: NBIM, ADIA, SOFAZ, Oman Investment Authority, Alaska Permanent Fund Corporation, GIC, CIC, Libyan Investment Authority, Emirates Investment Authority. NFRK’s distinguishing Instantiations features are NBK trust management, dual Stabilization/Savings sleeves, published multi-decade return series, and Children-programme deductions.

Annex: Deliberate omissions

• No invented separate NFRK CEO, CIO, or Fund Board distinct from NBK/Government architecture.
• No invented USD from KZT transfer totals.
• No promotion of Instantiations ~US$60 bn estimate as current headline.
• No VideoObject — no verified official strategy YouTube embed this pass.
• No phones from NBK contact blocks.
• No conflation of UAPF pension AUM or NBK GFE reserves with National Fund market value.
• SAFE / TRS Texas / Kuwait PIFSS / BIA remain skipped (not this ship).

Annex: Outbound checklist

• NF investment-management / returns
• International reserves & NF FX assets
• National Fund for Children
• NBRK Management
• Timur Suleimenov bio
• Aliya Moldabekova bio
• Moldabekova H1 2025 interview
• NBK Annual Report 2025 EN PDF
• Presidential Report NF 2024 PDF
• Concept to 2030 notice
• IFSWF NIC join press (2015)

Annex: Editorial locks

• H1 = Kazakhstan National Fund only — never “| UAO Top 100” in H1.
• Single www canonical via post.canonical_url only.
• Organization + GovernmentOrganization; WebPage; BreadcrumbList; FAQPage (12); no VideoObject.
• Daily-refresh disabled; desk untouched (a13480ec21c4dc98).
• Seat-lock + META lastsweep 2026-09-11; theme uao 1.3.178; sitemap 06ca with 80 locs.
• Tag #registry-institution. Do not message CoS/SEO from this ship (parent batches).

FAQ

What is the Kazakhstan National Fund (NFRK)?

The National Fund of the Republic of Kazakhstan (NFRK / Kazakhstan National Fund) is Kazakhstan’s oil-and-resource revenue sovereign fund, established by Presidential Decree No. 402 of 23 August 2000. Official nationalbank.kz wording: it accumulates revenues from extraction of oil, gas and other natural resources and supports the economy in unstable periods. Soft names: NFRK, Kazakhstan National Fund, National Fund of the Republic of Kazakhstan, Национальный фонд Республики Казахстан.

Who manages the National Fund — is there a separate SWF board and CEO?

The National Bank of Kazakhstan is the trust manager of National Fund assets (explicit on the NBK “Management results of foreign currency assets of the Republic of Kazakhstan National Fund” page). Assets are held on a Government account at the NBK. There is no separate Instantiations “NFRK CEO/CIO” roster — leadership is NBK leadership. Prefer Governor (Chairman) Timur Suleimenov and Deputy Governor Aliya Moldabekova (who publicly oversees and speaks on National Fund asset-management results).

What official AUM has NBK published for the National Fund?

Prefer dated USD as the National Bank publishes. At end-2025 / as of 1 January 2026, the market value of National Fund assets stood at USD 73.8 billion, including a foreign-currency portfolio of USD 63.9 billion (NBK Annual Report 2025, §2.2, approved by Presidential Decree 7 July 2026 No. 1348). For 2025 the FX portfolio returned 15.1%, or USD 8.72 billion. Late June 2025 FX assets were USD 60.3 billion (Moldabekova interview). At 31 December 2024 the sum of FX + domestic KZT securities + KZT cash, net of National Fund for Children target requirements, was USD 66.212 billion (Presidential Report 2024). A 1 July 2026 FX figure of USD 65.5 billion appears in press citing the NBK Board’s Q2 2026 trust-management report — label as secondary citing NBK. Do not invent FX from KZT or promote the stale Instantiations ~US$60 bn estimate as headline.

Who is Timur Suleimenov?

Timur Suleimenov is Governor of the National Bank of Kazakhstan (Chairman). Official bio: appointed Governor on 4 September 2023 by Presidential Decree No. 334 and reappointed on 24 August 2026 by Decree No. 1403. UAO Instantiations maps the Governor seat to ceo with title Governor (Chairman), National Bank of Kazakhstan. UAO person SSR: /registry/person/timur-suleimenov/.

Who is Aliya Moldabekova, and is she the CIO?

Aliya Moldabekova is Deputy Governor of the National Bank of Kazakhstan, appointed by Presidential Order dated 26 December 2019. She previously directed Monetary Operations / asset management functions inside NBK and publicly discusses National Fund foreign-exchange results. UAO Instantiations maps her to the second leadership seat with the honest title Deputy Governor, National Bank of Kazakhstan (oversees National Fund asset management) — do not invent a standalone “NFRK CIO” title. UAO person SSR: /registry/person/aliya-moldabekova/.

How is the National Fund’s FX portfolio structured?

Opened NBK materials describe a Stabilization portfolio (liquidity; primarily developed-economy money-market instruments) and a Savings portfolio (strategic multi-asset: developed-market equities, gold, alternative instruments, corporate bonds, and public bonds of developed and emerging countries). At 1 January 2026 the Stabilization portfolio was USD 4,716.3 million and the Savings portfolio USD 60,676.1 million (AR 2025 Table 2).

What strategic allocation change did NBK describe for 2025–2026?

NBK Annual Report 2025 states a new target strategic allocation for the savings portfolio of 50/50 — 50% in high-return asset classes (equities, gold, and alternative instruments) and 50% in bonds — implemented by increasing equities and alternatives by 5% each and reducing developed-country bonds by 10%. Inflation-indexed developed-country government bonds were added with a 10% allocation inside the DM bond sleeve (Board Resolution 21 October 2025 No. 61 amending the Rules for Investment Operations).

What is the National Fund for Children programme?

From 1 February 2024, NBK statistics present foreign-currency assets of the National Fund with a deduction of liabilities for target requirements under the “National Fund for Children” programme (international reserves / NF assets note). AR 2025 Table 2 shows Children programme liabilities of (−) USD 1,497.9 million as of 1 January 2026 (from (−) USD 664.9 million a year earlier). Treat Children liabilities as a published deduction, not as Instantiations AUM padding.

What long-run returns has NBK published?

The NBK NF investment-management page publishes annual FX returns from 2001 (trust-management agreement since June 2001) through 2025, plus annualised since-inception, 5-year, 10-year and 18-year series. Calendar 2025 return is listed as 15.09%; 2024 as 7.59%; 2023 as 11.38%; 2022 as −10.35%. Annualised since inception at end-2025 is listed as 4.00%; last 5 years 5.20%; last 10 years 4.63%; last 18 years 3.23%.

Is NFRK the same as NIC, Samruk-Kazyna, or the Unified Accumulative Pension Fund?

No. NFRK is the National Fund (sovereign oil/resource fund under Presidential decree, trust-managed by NBK). JSC National Investment Corporation of the National Bank of Kazakhstan is an NBK subsidiary that can operate programmes (e.g. open investment partnership into high-tech) and is the entity that joined IFSWF in August 2015 — not a substitute name for the Fund. Samruk-Kazyna is the state holding company. The Unified Accumulative Pension Fund (UAPF) is a separate pension-asset pool also partly under NBK trust management (AR 2025 §2.3) — do not conflate pension AUM with National Fund AUM.

What Concept to 2030 language has NBK published?

On 14 April 2023 NBK announced a draft Concept for managing National Fund assets through 2030 on the Open NPA portal. The notice frames long-term investing and strategic asset allocation, cites an illustrative savings mix of 60% bonds / 30% equities / up to 5% alternatives / up to 5% gold, and links Concept discipline to an accumulation goal of USD 100 billion by 2030 and the National Fund for Children programme. Prefer later AR 2025 50/50 savings target language where vintages differ.

Where should researchers correct UAO Registry errors about NFRK?

Send corrections to info@universalassetowners.com. Prefer primaries on https://nationalbank.kz/ — NF investment-management returns, International Reserves and NF foreign-currency assets statistics, National Fund for Children page, NBRK Management bios, Annual Report of the NBK (EN), and Presidential annual reports on formation and use of the National Fund. Currency discipline: dated USD (and KZT for fiscal transfers) as NBK publishes; no invented FX. Keep Instantiations seats as NBK Governor + Deputy Governor titles — do not invent a separate NFRK CEO/CIO.

Sources & further reading

Primary: nationalbank.kz NF investment-management; International Reserves & NF FX assets; National Fund for Children; NBRK Management bios; NBK Annual Report 2025 EN (Presidential Decree 7 Jul 2026 No. 1348); Presidential Report on formation and use of the National Fund for 2024 (Ukaz 11 Jul 2025 No. 943); Moldabekova H1 2025 interview; Concept to 2030 notice (14 Apr 2023). Secondary labelled: Qazinform 29 Aug 2026 citing NBK Board Q2 2026 trust-management report. IFSWF: NIC join press 11 Aug 2015. Legal origin: Presidential Decree No. 402 of 23 Aug 2000.

Completeness note

This elite profile targets ~10k+ sourced words from opened NBK primaries. Non-blocking expansions: English translation layer for full 2024 Presidential Report tables; future AR 2026 when published; official video embed if NBK releases a dedicated Fund strategy film; deeper Children programme payment mechanics; NIC Santiago assessment folds if needed for programme-operator context. No filler padded.