Kazakhstan Central Bank Chief Eyes Deeper U.S. Investment Links
Addressing senior executives from more than a dozen Fortune 100 companies active in Kazakhstan at a U.S. Chamber of Commerce-hosted event in Washington, D.C., on April 14, Timur Suleimenov, Governor of the National Bank of Kazakhstan, laid out the country’s economic outlook and later spoke with The Times of Central Asia on a range of related issues. He was accompanied by Erzhan Kazykhan, President Kassym-Jomart Tokayev’s Special Representative for Negotiations with the United States, Deputy Foreign Minister Alibek Kuantyrov, and Kazakhstan’s Ambassador to the United States, Magzhan Ilyassov. [caption id="attachment_47306" align="aligncenter" width="1536"] Timur Suleimenov, Governor of the National Bank of Kazakhstan, with Javier Piedra[/caption] Kazakhstan’s U.S. Financial Stakes Amid Growth and Inflation Suleimenov offered a compelling case for Kazakhstan’s economy, citing steady growth, higher investment flows, and a deepening consumer market. Kazakhstan’s economy expanded 6.5% in 2025, marking a third straight year of growth above 5%. GDP per capita surpassed $15,000 – compared to approximately $3,162 in Uzbekistan and about $2,420 in Kyrgyzstan. Fixed-income investments rose 15% year-on-year, and foreign direct investment climbed to 20.5% (from 14.5%), broadening beyond oil. Suleimenov emphasized the Central Bank’s strong stewardship, citing a new tax and budget code to enhance fiscal discipline and monetary policy that supports investment, stressing that, “We will deal with inflation pressures and external shocks simultaneously while managing cryptocurrencies and private digital payments systems, which can weaken central bank control over money and policy transmission. The markets suggest that we have been doing an excellent job in a complex environment.” The government, Suleimenov said, is on track to consolidate the budget, with the deficit projected at 2.5% this year, 1.7% next year, and 0.9% by 2028, adding that this will strengthen fiscal-monetary coordination, and noting Kazakhstan’s debt-to-GDP ratio of 24% remains low compared with countries such as the United States (125%), Japan (230%), Italy (137%). As inflation declined to 11% in March 2026 from 11.7% the previous month, Suleimenov reassured TCA that officials regard it as transitory, saying that “inflation was driven by resilient domestic demand backed by fiscal and quasi-fiscal stimulation, external price pressures (Russian inflation, global food prices), increasing regulated prices (utilities and fuel), and tax reform (a VAT increase from 12% to 16%), with volatile and elevated inflation expectations. For these reasons, we responded with rate hikes and liquidity tightening, bringing inflation down to about 11%, with a further easing expected to single digits by the end of this year.” Suleimenov reaffirmed that “the United States is integral to Kazakhstan’s financial system and long-term asset strategy.” He noted that Kazakhstan manages approximately $190 billion in long-term assets, including some $75 billion in National Bank reserves, $60 billion in the National Fund, and $55 billion in the unified pension fund. Around one-third of these assets are invested in U.S. securities, while roughly $50 billion is managed by American firms, underscoring deep financial ties beyond industrial investment. TCA asked how U.S. sanctions and export controls affect Kazakhstan, a concern that was especially acute in the initial stages of the Russo-Ukrainian...
