As of the end of 2025, Kazakhstan’s external debt reached a record high of almost $182 billion, ranking.kz reported citing data from the National Bank.
Over the year, the country’s external debt increased by a record 10.4%—the largest increase in the last 17 years. Prior to 2025, the country’s external debt dynamics were moderate, characterized by both decreases and slight increases.
In absolute terms, Kazakhstan’s external debt increased by $17.2 billion—also a record high in years.
The ratio of external debt to GDP (including intercompany debt) increased from 56.6% to 59.4% over the year.
The ratio of the National Bank’s reserve assets to short-term external debt increased from 235.4% to 301.6%. This indicator shows whether the National Bank’s international reserves are sufficient to cover the country’s entire short-term external debt.
Banks demonstrated the largest debt growth: their debt increased by 39.4%, or $5.2 billion, accounting for 10.1% of the total external debt (8% a year earlier).
Government debt also increased significantly: by 25.3%, or $3.2 billion, accounting for 8.8% of the total external debt (7.8% a year earlier).
Intercompany debt, which traditionally forms the bulk of the country’s external debt, decreased by 1.4%, with its share of the total debt decreasing from 55.3% to 49.4% over the year.
