Investor Presentation on Kazakhstan's Economic Reforms
Robust foreign asset buffers make Kazakhstan an outlier among peers
The substantial fiscal and external buffers built through prudent management of the natural resource endowment
distinguish Kazakhstan from its regional and rating peers, providing a cushion against exogenous shocks.
Total Foreign Assets
(US$ Bn, % of GDP)
91.3
Sovereign Net Foreign Assets vs BBB Rated Peers
(% of GDP, 2019¹)
90.9
89.3
88.9
90.7
91.1
44.2%
63.4
61.2
58.3
58.0
61.7
57.3
66.2%
53.6%
55.0%
49.5%
49.6%
49.1%
27.9
29.7
31.0
30.9
29.0
33.8
2015
2016
2017
FX Reserves
2018
National Fund
2019
-% of GDP
3Q 2020
Composition of Market Value of the National Fund (US$ 57.3 bn)
(% of Total)
24%
Savings
Portfolio
US$54.2bn
3%
4%
69%
Cash and MMI ■ Bonds ■ Stocks ■ Gold
Source: National Bank of Kazakhstan, unless otherwise stated
Note: ¹Fitch Sovereign Data Comparator September 2020
12
30.6%
12.1%
7.1%
1.7%
(2.4%)
Kazakhstan Mexico
BBB/Baa3/BBB-
Russia Philippines Morocco BBB Median
BBB-/Baa1/BBB
BBB/Baa3/BBB- BBB/Baa2/BBB+
BBB-/Ba1/BBB-
Stabilizing
Portfolio
US$3.1bn
14%
86%
Cash and MMI ■ BondsView entire presentation