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Kazakh Central Bank Plans $300 Million Currency Release From National Fund
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The National Bank of Kazakhstan announced plans on Monday to sell up to $300 million from the National Fund during August.
In July, the central bank sold $200 million from the fund on the domestic market to help cover state budget needs, as reported by The Moscow Times on August 3.
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Under rules in effect since June 2026, money transfers to the Ministry of Finance are based on actual budget needs, balancing out uneven income and spending over the course of the year. The central bank matches total transfers from the National Fund by selling equivalent foreign currency evenly through the end of the year.
In July, the central bank purchased $500 million from the National Fund, which will be sold on the domestic currency market before the end of 2026 under the same mirroring process.
Kazakhstan established this mirroring system in early 2025 to sell US dollars obtained from domestic gold purchases back into the market.
Through these operations, the central bank sterilized 374 billion tenge (about $789 million) in July and plans to sell currency worth 374 billion tenge (about $789 million) in August. State-controlled enterprises sold about $195 million in foreign currency earnings in July, though mandatory sales for these companies were paused on July 15, 2026.
The central bank did not perform direct currency interventions in July. To support the foreign currency share of pension assets, the bank bought $375 million on the currency exchange. During July, the Kazakh tenge strengthened by 1.3%, reaching 473.81 tenge per US dollar.
Previously, Kazakhstan reached an agreement with the European Commission to lift the ban on the transit of its coal through Russian ports, the Ministry of Trade and Integration of the Central Asian nation announced on July 29.
The ban on dealings with certain Russian ports, introduced as part of the EU's 16th sanctions package in February 2025, reportedly threatened the stability of Kazakhstan's coal exports to Europe, particularly via the Ust-Luga port, which had historically been a key transit point to the continent.
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