National Fund remains a comfortable cushion for the budget

KAZAKHSTAN - In Brief 13 Jan 2023 by Alexander Kudrin
Kazakhstan’s Ministry of Finance reported that The National Fund grew to KZT28.6 trillion as of January 1, 2023 (from KZT28.0 trillion as of January 1, 2022) but contracted in dollar terms (to $62.1 bn as of January 1, 2023, from around $64.4 bn as of a year ago). This contraction (by $2.3 bn) resulted from the weakening of the tenge to the current levels around $/KZT 460 from $/KZT 435 a year ago and losses made while managing the fund (by KZT 1.4 trillion or $3.1 bn). In 2022, revenues of the National Fund reached KZT4.7 trillion ($10.5bn if to use the average annual exchange rate) while transfers to the rest of the budgetary system from the fund (over KZT4.1 trillion or $9.3bn). Some discrepancy in these dollar-denominated numbers stems from a mix of the exchange rates used (as of January 1, 2022, January 1, 2023, and average annual). Overall, the National Wealth Fund remains a comfortable cushion for the budget as it saw a stable inflow of revenues and an increase in tenge terms. Its size will secure support for the financial system in the years to come. Evgeny Gavrilenkov Alexander Kudrin

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