Gold surge boosts foreign reserves! Kazakhstan's reserves surpass $69 billion, reaching a new historical high

In early 2026, Kazakhstan’s international reserves experienced a significant surge. The National Bank of Kazakhstan recently disclosed that in January, net gold and foreign exchange reserves totaled approximately $69.5 billion, nearly a 10% increase from about $63.4 billion in December of the previous year, reaching a new phased high. The core driver of this expansion is a substantial increase in gold assets, indicating that the country is strengthening its financial safety margins through precious metals.

Data shows that in January, Kazakhstan’s gold reserves valued at approximately $55.3 billion. As one of the world’s major gold producers, the country continues to absorb domestically mined gold, using physical assets to hedge against currency risks. With international gold prices strengthening, this allocation strategy has further expanded the reserve scale and enhanced its ability to withstand external shocks.

This approach is not an isolated case. Central banks worldwide have been steadily increasing their gold holdings in recent years, with global purchases exceeding 1,000 tons in 2025. Geopolitical uncertainties, inflationary pressures, and fluctuations in the monetary system have once again made gold an important safe-haven asset. For Kazakhstan, reducing dependence on a single fiat currency helps optimize reserve structure and improve long-term stability.

It is important to note that the $69.5 billion figure only represents the portion directly managed by the central bank. When including foreign exchange assets held by the National Fund, Kazakhstan’s total reserve size typically exceeds $120 billion. Meanwhile, the country is also exploring diversification paths, having approved approximately $350 million for digital asset-related initiatives, demonstrating its pursuit of new growth engines beyond traditional assets.

More ample foreign exchange and gold reserves provide a thicker buffer for this resource-dependent country, which relies on oil and metal exports. Commodity price fluctuations often impact the national currency and fiscal stability, and higher reserve levels help support the tenge exchange rate and boost international investor confidence.

Looking ahead to 2026, if gold prices remain high, Kazakhstan’s foreign exchange reserves still have room to grow. However, policy efforts must balance stabilizing reserves with supporting domestic development. The current signals are very clear: the country is reshaping its financial security framework through a “gold + diversified assets” model.