Tokaev discussed the condition of the financial system and currency market with the head of the National Bank.

The Head of State listened to a report on the outcomes of the National Bank's monetary policy implementation in 2024 and the plans of the monetary regulator for 2025.

The President was informed about the situation in Kazakhstan's economy and financial system, business activity, inflation factors, as well as the measures being taken to stabilize prices and achieve a medium-term inflation target of 5%.

Kassym-Jomart Tokayev was briefed that the inflation rate at the end of 2024 fell within the National Bank's forecast range, amounting to 8.6%. Furthermore, as Timur Suleimenov reported, external inflationary pressure is increasing, and internal inflation risks remain.

The Head of State was also presented with information regarding the status of the National Fund's assets, gold and foreign exchange reserves, and the Unified Accumulative Pension Fund (UAPF). Specifically, in 2024, income from managing the National Fund's assets reached $4.5 billion, or over 7.5%. The gross gold and foreign exchange reserves of the National Bank rose to $45.8 billion, an increase of 27.4%. The investment income from managing the pension assets of the UAPF amounted to 3.4 trillion tenge, with returns exceeding inflation by more than 2 times, reaching 17.8%.

The President was informed about the situation in the foreign exchange market and the measures being implemented to ensure the stability of the tenge.

Additionally, Timur Suleimenov discussed the stable situation in the banking sector, the ongoing sustainable growth of the deposit base, the measures taken to ensure financial stability, and plans to enhance the effectiveness of macroprudential policy.

Kassym-Jomart Tokayev was also briefed on the outcomes of developing the National Digital Financial Infrastructure and the activities of the Anti-Fraud Center.

Following the meeting, the Head of State emphasized the importance of stabilizing inflation, continuing close coordination of the macroeconomic policy between the National Bank and the Government, and set several tasks for the National Bank's activities.