According to inbusiness.kz, the National Bank of Kazakhstan lost 945 billion tenge on the revaluation of UAPF foreign currency investments — 592.26 billion tenge from FX asset revaluation and 352.78 billion tenge from externally managed assets.
Year-to-date returns on UAPF pension assets dropped from 4.20% as of late August to 2.91% at the end of September 2026. Over the 12-month period from October 2025 to September 2026, yields stood at 2.64%, down from 6.17% in the previous period. Annual inflation reached 9.3% in September.
Pension assets managed by the National Bank contracted for the first time in years, declining by 312 billion tenge from 26.95 trillion to 26.63 trillion tenge. Investment income over the past 12 months totaled 706.33 billion tenge, compared to 1.58 trillion tenge a year earlier.
The losses were primarily driven by the tenge strengthening 4.6–4.7% against the dollar in September. The dollar fell from 462 tenge in August to 440 tenge by late September. While the National Bank invests pension funds in instruments yielding 13–16% annually, currency losses have outweighed interest income.