Kazakhstan sees a 2.5 tenga increase in dollar exchange rate
In Kazakhstan, the official exchange rate of the US dollar to the tenge saw a slight decrease from July 31 to August 1, 2025. On July 31, the official rate stood at 546.36 tenge per dollar, according to the National Bank of Kazakhstan. However, Roman Sklyar, the First Deputy Prime Minister, did not provide a specific forecast for the dollar rate on that date.
On August 1, the official rate dropped to 540.78 tenge per dollar, marking a decrease of approximately 5.58 tenge. Exchange offices in Almaty and Astana displayed a buying rate around 542–543 tenge and selling rates between 545–547 tenge, indicating some volatility but a mild strengthening of the tenge relative to July 31. The average weighted dollar rate on the Kazakhstan Stock Exchange (KASE) was 543.24 tenge on the same day.
The National Bank reported that 125.6 million dollars were injected into the economy on August 1 to "save the tenge". Despite this, the tenge returned to its previous state, and the exchange rates have fluctuated significantly in recent days.
The current state of the tenge exchange rate has sparked debate among various individuals and groups. Oljaz Bektenov, the Prime Minister, stated that the tenge rate is determined solely by market principles and there are no factors leading to sharp fluctuations. However, people who deposited large sums of money in banks are currently suffering from monthly losses in the tens and hundreds of thousands of tenge, with no maximum 16% covering these losses.
To address this issue, an advertising campaign was launched by the authorities urging the population to trust the tenge and open accounts and deposits in the national currency. The user agreement requires an email and password for access, and the password must be at least 6 characters long.
Aliya Moldabekova, Deputy Chair of the National Bank, explained the current situation with the tenge exchange rate. Roman Sklyar, on the other hand, forecasted that the dollar rate will retreat from its current high. The National Bank's role and effectiveness are being questioned, with some questioning whether the large amount of money injected into the economy has been effective in stabilising the tenge.
The authorities launched this advertising campaign urging the population to trust the tenge and deposit money in national banks a couple of years ago. The National Bank has received funds from the national fund to support these efforts.
In Astana, the average buy rate for dollars on August 1 was 540.48 tenge, and the sell rate was 547.48 tenge. In Almaty, the buy rate was 542.76 tenge, and the sell rate was 545.14 tenge.
The exchange rate situation in Kazakhstan is a complex issue that continues to be closely monitored by the government and the public alike.
The fluctuation in the tenge exchange rate has raised concerns within the business community, as the slight decrease in the official exchange rate of the US dollar to the tenge might have an impact on finance operations. Roman Sklyar, the First Deputy Prime Minister, has forecasted a potential retreat of the dollar rate from its current high, which could further influence the business sector in Kazakhstan.
The National Bank's role in managing the exchange rate and the effectiveness of their recent injection of 125.6 million dollars into the economy are subjects of ongoing debate, with some questioning whether the large amount of money injected into the economy has been effective in stabilizing the tenge and strengthening the national currency for business purposes.
