Kazakhstan's budget receives $85 mln from export duties on oil in Q1 - Finance Ministry
ASTANA. April 14 (Interfax) - The key parameters of Kazakhstan's budget in Q1 2026 were generally met, despite volatility in external commodity and currency markets, while a stronger-than-expected national currency had a restraining effect on budget revenues, and revenues of 40.5 billion tenge (approximately $85.3 million at the current exchange rate) were provided by export customs duty on oil, Kazakh Finance Minister Madi Takiyev said.
"Despite external volatility in commodity and currency markets, the key budget parameters were generally met. State budget revenues excluding transfers amounted to 6.4 trillion tenge, or 104.3% of the plan," Takiyev said at a government meeting on Tuesday. Compared to the same period last year, revenues increased by 931 billion tenge, or nearly 17%, he said.
The national budget was executed at 102%, with revenues amounting to 4.2 trillion tenge. Local budgets provided revenues of 2.3 trillion tenge, exceeding the plan by 193 billion tenge, he said.
Increased volatility in the global oil market amid the escalation of the Middle East conflict and the strengthening of the tenge in Q1 2026 had divergent effects on national budget revenues, Takiyev said.
"Against the backdrop of the escalation of the Middle East conflict, volatility in the global oil market increased. The average oil price for the quarter was $80.6 per barrel. It is important to note that in the current budget architecture, the main additional effect from rising oil prices is accumulated in the National Fund, since the bulk of oil revenues, in accordance with legislation, is directed there," he said.
For the national budget, the direct positive effect was manifested primarily in export customs duty on oil, where an additional 40.5 billion tenge was secured, he said.
"At the same time, the stronger tenge exchange rate had a restraining effect on national budget revenues. The average exchange rate in the reporting quarter of 497.7 tenge per dollar, compared to the forecast rate of 540 tenge, reduced revenues by approximately 146 billion tenge," he said.
External price conditions, including the exchange rate differential, therefore acted as a key constraint on national budget revenues, he said.
State budget expenditures in Q1 were executed at 94.3%, the national budget at 95%, and local budgets at 96%.
"Financing of the state's social obligations in the amount of 1.8 trillion tenge and transfers to regions in the amount of 1.3 trillion tenge was provided in full and on a priority basis," Takiyev said.
As previously reported, the export duty on oil in Kazakhstan in April 2026 will be $90 per 1 tonne, which is 30% higher compared to the previous month. In March, the export duty was $69 per tonne.
According to the State Revenue Committee of the Kazakh Finance Ministry, the arithmetic mean value of KEBCO and Brent crude oil prices on world markets during the monitoring period from February 20 to March 20 was $90 per barrel.
The official exchange rate on April 14 is 474.9 tenge/$1.
