Currency depreciates by 4 tenge, with the Dollar losing value
In a recent statement, First Deputy Prime Minister Roman Sklyar expressed his belief that the US dollar exchange rate in Kazakhstan will roll back and not remain at its current high levels. The forecast was given on July 31, 2025, when the dollar was trading near or above 540 tenge.
Sklyar, along with his colleagues, anticipates a decrease in the dollar rate, emphasizing that it will not continue to stay at its current high. He pointed out that this is not an uncommon occurrence, as the rate has stabilized in the past after similar situations. He expressed confidence in the National Bank's ability to take necessary measures and the market's capacity to adjust accordingly.
This forecast comes after the tenge hit historic lows earlier in August. The dollar rate in Kazakhstan's exchange offices exceeded 550 tenge on July 30, but by August 13, the average weighted dollar rate on the Kazakhstan Stock Exchange had dropped to 537.96 tenge.
Aliya Moldabekova, Deputy Chair of the National Bank, provided an explanation for the current situation with the tenge exchange rate. However, she did not specify why the regulator is not intervening in the tenge rate. It's worth noting that the National Bank began implementing currency interventions on July 30.
As of August 13, the official rate of the National Bank was 542.29 tenge per dollar, while the average buy rate in Almaty exchange offices was 539.32 tenge, and the sell rate was 541.59 tenge. In Astana, the buy rate was 536.56 tenge, and the sell rate was 543.56 tenge, according to data from kurs.kz.
Prime Minister Oljaz Bektenov also weighed in on the matter, stating that the tenge rate is determined solely by market principles. He did not mention any factors indicating sharp fluctuations in the tenge rate or make any mention of a sharp weakening of the tenge.
At the time of writing, no new forecast for the dollar rate retreating from its current high or any information about a forecast for the dollar rate in September was provided.
Banking-and-insurance industries in Kazakhstan are closely watching the stabilization of the tenge exchange rate, following the forecast by First Deputy Prime Minister Roman Sklyar. Sklyar and his colleagues anticipate a decrease in the dollar rate, following previous instances where the rate has stabilized after similar situations. This predictable trend could potentially impact financial institutions and businesses that rely on foreign exchange in Kazakhstan.
