Kazakhstan’s credit rating reflects the country’s substantial international reserves and low level of public debt, the National Bank of the Republic of Kazakhstan reported.
According to the agency’s estimates, gross international reserves, including gold, reached $65.4 billion at the end of 2025 and increased to $67.6 billion by May 2026. The National Fund’s foreign exchange assets totaled $66.4 billion (18% of GDP) as of the end of May 2026, an increase of $6.8 billion compared to the previous year, according to Firbes.
The National Bank cited the agency’s analysts’ forecast, according to which Kazakhstan’s GDP growth is expected to average 4% per year in 2026–2028 (compared to 6.5% in 2025) amid stabilizing oil production volumes. Economic activity will be supported by non-oil sectors: transportation, manufacturing, the service sector, and government investments.
“The agency also notes that inflationary pressures will persist, partly due to the government’s quasi-fiscal operations and high food prices. At the same time, Fitch Ratings forecasts a gradual decline in inflation during 2026–2027,” the NBRK reported.
According to Fitch, an upgrade of Kazakhstan’s sovereign rating is possible provided that macroeconomic stability continues to strengthen and a prudent fiscal policy is consistently implemented. The agency’s analysts note the economy’s dependence on the commodities sector, as well as the need to strengthen the institutional environment, the National Bank noted.
