National Bank: Inflation in Kazakhstan will slow down by 2025

ASTANA – Inflation in Kazakhstan is expected to slow from 7.5-9.5% in 2024 to 5.5-7.5% in 2025, National Bank Chairman Timur Suleimenov said at a government meeting on August 27.

Photo credit: inform.kz

The Prime Minister's Press Service reported on August 27 that, according to Suleimenov, the implementation of monetary policy, the stabilization of external prices in global commodity markets and the convergence of trading partner countries to the inflation target will all contribute to reducing inflation.

Suleimenov also made positive forecasts for exports. The oil sector is expected to make a significant contribution to growth with increasing production volumes. Hydrocarbon exports will benefit from strong world market prices for non-ferrous and ferrous metals, ores and uranium. According to government forecasts, non-raw material exports will increase. They will rise from $80.8 billion in 2024 to $82.3 billion in 2025.

According to the National Bank, the country's imports will also increase and exceed the peak in 2023. The volume of financial transactions will reach $61.3 billion in 2025. The growing needs of the population and businesses, a significant share of imports in production chains and the implementation of government programs to support the economy will stimulate growth.

The National Fund’s net foreign exchange holdings are estimated at $57.8 billion in 2025 and are expected to grow to $74 billion by 2027.