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Kazakhstani citizens may see their pension savings grow in the coming months, thanks to a significant slowdown in inflation. Experts are optimistic that this trend will positively impact the value of assets managed by the National Bank.

Inflation Decelerates

Official data from the National Bureau of Statistics reveals that annual inflation eased to 11% in March. This marks a notable decrease from the 12.2% recorded in January. This cooling inflation rate is a key factor leading analysts to forecast an increase in the value of assets held in trust by the National Bank.

How Lower Inflation Boosts Savings

Financial expert Saida Tleulenova explains that a reduction in inflation initiates beneficial processes for savers. Historically, fluctuations in asset values have been substantial. For instance, in 2025 alone, the negative revaluation of instruments denominated in tenge and foreign currency exceeded 660 billion tenge. Currently, the situation is reversing; a slowdown in price increases could potentially return similar amounts to these assets.

"In simple terms: during high inflation, the growth of a fund is wiped out by rising prices in stores. With the current slowdown, even an average return starts to translate into a tangible benefit for every Kazakhstani," Tleulenova stated.

Potential Risks to Consider

While the outlook is positive, specialists note that currency exchange rates could still influence overall figures. Approximately 30-35% of the Unified Pension Savings Fund's (EPSF) assets are held in foreign currencies. Therefore, a strengthening tenge could temporarily reduce the profitability of this portion of the portfolio.

However, the overarching trend of decreasing inflation is expected to remain the primary factor protecting savings from devaluation. As of March 1, 2026, Kazakhstan's total pension assets amounted to 25.87 trillion tenge.

This information was reported by Infohub.kz.