Tokayev hears National Bank report as July inflation slows to 10.2%
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President Kassym-Jomart Tokayev received National Bank Chairman Timur Suleimenov to hear the monetary policy report for January–July 2026. Annual inflation fell for the tenth consecutive month to 10.2% in July, and business loans rose 17.1% year on year as of July 1. Consumer lending growth slowed to 13.0% from 21.0% at the start of the year.
Key Facts
- SME lending accelerated to 29.6% year on year as of July 1, 2026.
- The combined National Fund and gold and foreign exchange reserves stood at $127.3 billion on July 1, 2026.
- National Fund investment income reached $2.3 billion in the first half of 2026, while UAPF pension assets totalled 27.8 trillion tenge.
- QR payments and phone-number transfers launched in the National Payment System on July 19 and processed 6.5 million operations worth 170 billion tenge.
- New digital asset directions include stablecoins for cross-border payments, tokenised government assets, and licensed payment organisations of the first category.
Monetary Policy and Inflation
President Kassym-Jomart Tokayev received National Bank Chairman Timur Suleimenov to hear the monetary policy report for January–July 2026. Annual inflation fell for the tenth consecutive month to 10.2% in July 2026. The National Bank attributed the slowdown to monetary policy, a stronger tenge, stabilising consumer activity, and coordinated anti-inflation measures. Suleimenov said the National Bank is taking all necessary measures to reach the medium-term inflation target of 5%. President Tokayev set a number of tasks and stressed the importance of further stabilising inflation.
Credit and Reserve Dynamics
Bank loans to businesses grew 17.1% year on year as of July 1, 2026. SME lending accelerated to 29.6% year on year over the same period. Consumer lending growth slowed from 21.0% at the start of 2026 to 13.0%, which the National Bank linked to prudential measures. The combined National Fund and gold and foreign exchange reserves reached $127.3 billion on July 1, and National Fund investment income totalled $2.3 billion in the first half of 2026. UAPF pension assets stood at 27.8 trillion tenge, up 1.7 trillion tenge since the start of the year.
Digital Finance and Payments
The National Bank presented measures to develop the Alatau City financial ecosystem aimed at flexible capital movement and investment attraction. New directions include stablecoins for cross-border payments, infrastructure development, and issuance of tokenised government assets. A new segment of licensed payment organisations of the first category has been introduced to stimulate competition and expand digital services for the population and business. QR payments and phone-number transfers between clients of any bank launched in the National Payment System on July 19. Since the launch, 6.5 million operations worth 170 billion tenge have been processed.
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Tokayev hears National Bank report as July inflation slows to 10.2%
