Exchange rate for various currencies, as of December 22
Headline: Kazakhstan's Tenge Weakens Against US Dollar in 2025, Affecting Exchange Rates with Major Currencies
The Kazakhstani tenge has experienced a notable depreciation against the US Dollar (USD) in 2025, according to recent data. Over the course of the year, the USD/KZT rate has risen significantly, from approximately 488 KZT/USD in March to around 550 KZT/USD in late July and early August.
This weakening of the tenge relative to the dollar is attributed to a combination of factors. A narrowing trade surplus, due to declining exports and increasing imports, has put economic pressure on the tenge. Additionally, fundamental economic issues such as a swelling trade imbalance, rising domestic inflation, and declining oil revenues have contributed to the tenge's depreciation. Moreover, episodes of speculative pressure on the tenge amid low liquidity in the foreign exchange market have exacerbated the situation.
While specific trends for the Euro (EUR), Pound Sterling (GBP), Russian Ruble (RUB), Turkish Lira (TRY), Ukrainian Hryvnia (UAH), Chinese Yuan (CNY), and Kyrgyz Som (KGS) against the tenge are not detailed in the available sources, the tenge's weakening against the USD suggests possible depreciation pressures against other major currencies as well. This is particularly true given Kazakhstan's linked trade and economic factors. Historically, the tenge has sometimes tracked movements in the Russian ruble, but current conditions make its trajectory more uncertain.
In an effort to stabilise the tenge amid speculative pressures, the Kazakh National Bank has intervened in the currency market. Officials have emphasised that current market conditions do not fully reflect fundamental economic factors and view the tenge as somewhat undervalued.
As of the latest available data, the exchange rates for the Ukrainian Hryvnia, US Dollar, Russian Ruble, Kyrgyz Som, Turkish Lira, British Pound, Euro, and Chinese Yuan against the Kazakhstani tenge are 14.95, 419.62, 5.6, 5.2, 54.92, 554.7, 510.8, and 64.09 respectively. It is recommended to monitor official data or financial platforms for up-to-date figures on other currency pairs.
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