The National Fund of the Republic of Kazakhstan is one of the key instruments for ensuring macroeconomic stability and financial stability of the state. The Fund was established in accordance with the Decree of the President of the Republic of Kazakhstan dated August 23, 2000 No. 402 "On the National Fund of the Republic of Kazakhstan." It is noteworthy that the decision to create the Fund was made on the eve of the country's decade of independence.
Officially, the National Fund began to function on May 18, 2001. 2026 marks the 25th anniversary of its activities.
The main goals of the creation of the National Fund were to ensure stable socio-economic development of the state, accumulate financial assets, reduce the dependence of the economy on the oil sector, as well as protect the economy from adverse external factors.
The National Fund is a set of financial assets concentrated on the account of the Government of the Republic of Kazakhstan with the National Bank of the Republic of Kazakhstan.
The assets of the National Fund are managed by the National Bank of the Republic of Kazakhstan on the basis of a trust management agreement concluded with the Government of the Republic of Kazakhstan. The National Bank independently invests funds of the Fund, including with the involvement of external managers. In order to ensure transparency and efficiency of management, an external audit of the National Fund is carried out annually.
To date, the Fund's assets are formed from two main portfolios - stabilization and savings.
The stabilization portfolio is intended to maintain the required level of liquidity of the assets of the National Fund and to meet the current needs of the republican budget. The funds of this portfolio are invested mainly in highly liquid financial instruments of the money market.
The savings portfolio is focused on the long-term preservation and enhancement of assets. Its funds are distributed among various financial instruments, including bonds, stocks, gold and alternative investments.
The assets of the National Fund are located mainly in foreign currency and diversify across international financial markets.
The use of funds of the National Fund is carried out exclusively for the purposes provided for by the Budget Code of the Republic of Kazakhstan.
Currently, a draft report on the formation and use of the National Fund for 2025 has been submitted to the Government of the Republic of Kazakhstan.
According to the draft report, the assets of the National Fund as of January 1, 2026 amounted to 37,335.6 billion tenge. Revenues to the Fund for 2025 reached 3,770.3 billion tenge, of which 3,725.2 billion tenge were provided by direct taxes from organizations in the oil sector.
In 2025, funds were sent from the National Fund to the republican budget in the form of:
guaranteed transfer - 2,000 billion tenge;
target transfer - 3,250 billion tenge.
For 2026, the amount of the guaranteed transfer from the National Fund to the republican budget in the amount of 2,770 billion tenge has been approved. The plan for tax revenues to the National Fund for 2026 was approved in the amount of 4,124.9 billion tenge.
For 25 years, the National Fund has remained the country's most important financial reserve, ensuring the stability of the state economy and creating the basis for the long-term development of Kazakhstan.