Kazakh Tenge Exchange Rate
Heads Up, Mate! Here's the Scoop on Foreign Currency Exchange Rates in Kazakhstan for May 5, 2025:
The National Bank of the Republic of Kazakhstan has shared the official exchange rates for various foreign currencies against the tenge for today. Moreover, exchange rates from currency exchange offices in major cities, such as Almaty, Astana, and Shymkent, have been published.
Here are the Official Exchange Rates:
- US Dollar (USD / KZT) - 516.16
- Euro (EUR / KZT) - 584.86
- British Pound (GBP / KZT) - 685.93
- United Arab Emirates Dirham (AED / KZT) - 140.53
- Chinese Yuan (CNY / KZT) - 70.99
- Turkish Lira (TRY / KZT) - 13.38
- Ukrainian Hryvnia (UAH / KZT) - 12.37
- Kyrgyz Som (KGS / KZT) - 5.9
- Russian Ruble (RUB / KZT) - 6.25
Exchange offices in these cities offer their own buy and sell rates for currencies. For example:
Almaty- USD: 517 - 519 tenge;- EUR: 583 - 588 tenge;- RUB: 6.11 - 6.17 tenge.
Astana- USD: 514 - 520 tenge;- EUR: 581 - 589 tenge;- RUB: 6.05 - 6.19 tenge.
Shymkent- USD: 517 - 520 tenge;- EUR: 582 - 588 tenge;- RUB: 6.12 - 6.18 tenge.
Remember, prices can vary between exchange offices, so it's worth shopping around to get the best deal. You can find yesterday's rates here.
Now, let's delve into the juicy bits about why the official rates might differ from those offered in the unofficial markets, focusing on cities like Almaty, Astana, and Shymkent:
1. Oil Export Dependency & Price Controls: Kazakhstan's reliance on oil exports and artificially suppressed domestic oil prices lead to discrepancies and parallel market activities.
2. Inflation & Capital Controls: High inflation and restrictions on currency conversion or capital outflows can disproportionately affect regional access to foreign exchange, fostering unofficial markets.
3. Regional Economic Activity: Cities with higher trade volumes, such as Almaty, might experience stricter regulatory oversight, pushing some transactions underground, while Astana and Shymkent have unique dynamics that may fuel unofficial trade.
4. Administrative Policies & Shadow Economy: Price controls on oil products, electricity, and weaker enforcement in some regions encourage off-the-book transactions to bypass unfavorable official rates.
5. Foreign Exchange Reserves & Speculation: Fluctuations in foreign exchange reserves can impact the central bank's ability to stabilize the tenge, leading to anticipatory devaluations or speculative pressures that widen the gaps between official and unofficial rates.
- Despite the official exchange rates for currencies in Astana being published by the National Bank of Kazakhstan, the banking and insurance industry often tries to average different rates to cater to customers, as seen in their buy and sell rates for the US Dollar, Euro, and Russian Ruble.
- The average industry rate for the Turkish Lira in Astana, for example, is lower than the official rate, showcasing the existence of a parallel, unofficial market for foreign exchange.
- Similarly, in Shymkent, the unofficial exchange market may offer more competitive rates due to regional economic activity and administrative policies, as highlighted by the country's dependency on oil exports and governance of off-the-book transactions.
- As one of the major cities in Kazakhstan, Almaty's currency exchange offices may also offer distinct buy and sell rates, reflecting the impact of regional economic activity, price controls, and the regional shadow economy on the foreign exchange market.
