Following its mission to Kazakhstan, the International Monetary Fund (IMF) has called the national digital currency a practical tool for macroeconomic policy. The implementation of the digital tenge will help the state control the targeted use of budget funds in real time.
What happened
An IMF mission worked in Kazakhstan from June 3 to 12. In the concluding statement published by the National Bank on June 16, the fund's experts explicitly pointed out the need to develop the digital tenge (CBDC).
According to the IMF, the digital currency will increase the transparency and targeting of state expenditures. The technology will make it possible to track the movement of funds from the budget and the National Fund. This should reduce the risks of the misuse of funds and help the regulator combat excess liquidity in the market.
Country and market
The recommendation regarding the digital tenge comes against the backdrop of broader macroeconomic challenges. The IMF forecasts Kazakhstan's GDP growth at 4.6% in 2026. The economy relies on high oil prices and domestic demand, while international reserves cover about 10 months of imports.
At the same time, inflation remains above the regulator's target. Although the rate dropped from 12.9% in September 2025 to 10.4% in May 2026, the IMF insists on maintaining a tight monetary policy. The National Bank is already withdrawing excess money supply by raising minimum reserve requirements and issuing notes.
Why it matters
The IMF's position changes the public status of the digital tenge. From a local technological initiative, it is turning into an internationally recognized tool for controlling state finances.
The official support of the monetary fund legitimizes the costs of fintech infrastructure and gives the National Bank a strong argument to accelerate pilot projects with commercial banks.
What's next
The market will be watching how the National Bank adapts the current use cases of the digital tenge to the tasks of strict budget control. For commercial banks and payment systems, this means inevitable integration with the new infrastructure in the coming years.