As of October 1, 2025, Kazakhstan's external debt amounted to 171.4 billion dollars, which is 6.7 billion dollars more compared to the beginning of the year. According to the National Bank's data, the main contribution to the increase in external debt over the nine months came from balance of payments operations amounting to 5.3 billion dollars, as well as changes in exchange rates and values, which added another 1.4 billion dollars.
The regulator noted that almost 87.8% of the external debt consists of long-term obligations with maturities exceeding one year. This structure of the debt burden reduces liquidity risks but simultaneously increases dependence on market conditions.
In the structure of external debt, loans and borrowings from non-residents dominate, accounting for 71.4%. Debt securities held by foreign investors make up 10.6% of the total volume.
The private sector remains the main holder of external debt. As of October 1, its liabilities to foreign creditors reached 134.4 billion dollars. The external debt of the public sector increased to 16.2 billion dollars, while the obligations of banks and state-controlled organizations amounted to 20.8 billion dollars. The government-guaranteed debt stands at 3.2 billion dollars.
