Macroeconomic Review Q2 2026

https://www.bcc-invest.kz/storage/app/uploads/public/6a6/06b/ef8/6a606bef8108c041360120.png

21.07.2026

Despite persistent geopolitical uncertainty and elevated volatility in the global economy, Kazakhstan maintained macroeconomic stability in the second quarter. The attractiveness of government securities to foreign investors supported the tenge and contributed to a further slowdown in inflation. Key risks through year-end include volatility in the global oil market, the declining contribution of oil revenues to the budget, and rising government debt-servicing costs.