Kazakhstan National Fund investment income nears oil tax revenue in H1 2026

September 16, 2026 at 08:20 PM1 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Kazakhstan's National Fund received 3.21 trillion tenge in the first half of 2026, with investment income of 1.40 trillion tenge nearly matching oil sector tax revenue of 1.79 trillion tenge. The fund's capital grew to 38.68 trillion tenge from 37.34 trillion tenge at the start of the year, even as 1.86 trillion tenge was transferred to the state budget.

Key Facts

The National Fund received 3.21 trillion tenge in the first half of 2026.
Oil sector taxes contributed 1.79 trillion tenge, or 55.6% of total inflows.
Investment income reached 1.40 trillion tenge, or 43.7% of total inflows.
The fund's capital increased from 37.34 trillion tenge to 38.68 trillion tenge over the six months.
A guaranteed transfer of 1.86 trillion tenge was made to the republican budget.

Investment Income Surge

Investment income of 1.40 trillion tenge exceeded every individual oil tax category in the first half of 2026. The largest oil tax item, corporate income tax from the oil sector, brought in 798.9 billion tenge. Mineral extraction tax contributed 267.2 billion tenge and export rent tax 172.5 billion tenge. The investment result is equivalent to approximately 3.8% of the fund's capital at the start of the year, which stood at 37.34 trillion tenge.

Budget Transfers and Capital Growth

Total withdrawals from the National Fund reached 1.87 trillion tenge in the first half of 2026. Nearly all of that amount, 1.86 trillion tenge, was a guaranteed transfer to the republican budget. Despite the transfer, the fund's capital grew by 1.34 trillion tenge to 38.68 trillion tenge. Without investment income, other inflows for the half-year would have totaled about 1.81 trillion tenge, roughly equal to the guaranteed transfer.