Otbasy Bank to Allocate 50 Billion KZT for Mortgages via Pension Fund Investment

In a strategic move to bolster the national housing market, 50 billion KZT from the Unified Accumulative Pension Fund (UAPF) was invested in Otbasy Bank bonds during March. This information was disclosed in the UAPF's latest investment activity report.

The National Bank of Kazakhstan, acting as the primary manager of pension assets, directed the funds as follows:

• 50 billion KZT: Purchase of Otbasy Bank bonds.

• 307 billion KZT: Investment in Kazakhstan government securities.

• 150 billion KZT: Allocation to National Bank short-term notes.

Additionally, the report noted the sale of 149 billion KZT worth of U.S. Treasury bonds. During the same period, several securities reached their maturity dates, including those from the Government of Kazakhstan (15 billion KZT), the EBRD (10 billion KZT), Nurbank (5 billion KZT), and the Development Bank of Kazakhstan (3.6 billion KZT).

As of early 2026, the total investment income generated reached 271.41 billion KZT. However, the asset yield for the first half of the year stood at 1.05%, which is currently trailing behind the inflation rate of 2.7%.

UAPF experts attribute this lower yield to the strengthening of the Tenge against the U.S. Dollar (shifting from 505.53 to 478.77 KZT per dollar). This appreciation led to a negative result during the revaluation of foreign currency assets.

The injection of pension funds is expected to support Otbasy Bank's affordable housing initiatives. In April, the bank announced the participant list for the "Nauryz 2026" program, which includes 16,000 depositors. These participants are scheduled to submit their loan applications between April 6 and May 12.

The purchase of these bonds serves as a critical financial pillar for providing preferential mortgage lending to these citizens.