The interventional action of the National Bank has resulted in a decrease in the U.S. dollar's value on the international currency market.
In the economic landscape of Kazakhstan, the Kazakhstan Tenge (KZT) has shown a noticeable depreciation against the US Dollar (USD) and Euro (EUR) this year.
As of mid-2025, the USD/KZT exchange rate has averaged around 514.7 tenge per dollar, with a recent high near 544 tenge per dollar in late July [1][2][3]. This represents a depreciation of approximately 3.6% against the dollar for the year. Similarly, the EUR/KZT exchange rate was about 639.2 tenge per euro around late July 2025 [3].
The primary factors contributing to this weakening of the tenge include increased money supply, fiscal spending on social and infrastructure projects, heightened import demand, and relatively slower GDP growth, which have collectively pressured foreign currency demand in Kazakhstan [3]. Since adopting a floating exchange rate regime in 2015, market forces have dictated the tenge's value without direct state intervention, leading to greater volatility [3].
Regarding the Russian Ruble (RUB) rate and oil prices in Kazakhstan, specific exchange rate data and forecasts were not detailed in the available data. Given Kazakhstan's position as a major oil exporter, oil price trends typically impact the Kazakhstan Tenge and regional currency valuations. For the most accurate and up-to-date ruble exchange rates and oil price forecasts, consulting specialized financial data sources or local market reports would be necessary.
At present, the average sell rate for the Ruble in exchange offices in Kazakhstan is 6.7 tenge, while the average sell rate for the dollar is between 540 and 542 tenge, and the average sell rate for the Euro is between 621 and 624 tenge [1][2][3]. As for the buy rates, the average buy rate for the Ruble is 6.55 tenge, the average buy rate for the dollar is between 538 and 539 tenge, and the average buy rate for the Euro is between 616 and 619 tenge [1][2][3].
It is worth noting that, as of the article, there is no mention of the current dollar rate on the Kazakhstan Stock Exchange or any specific policies or actions being taken by the government of Kazakhstan in response to the economic conditions.
[1] Source 1 [2] Source 2 [3] Source 3
In the context of Kazakhstan's economic landscape, the depreciation of the Kazakhstan Tenge (KZT) against major currencies like the US Dollar (USD) and the Euro (EUR) has also led to a potential impact on the energy and finance industries. As the value of the KZT weakens, it may increase the cost of importing energy resources for the industry and elevate borrowing costs in the finance sector.
With Kazakhstan being a major oil exporter, there is a strong correlation between oil prices and the Kazakhstan Tenge, although specific exchange rate data and forecasts for the Russian Ruble were not detailed in the available data. Given this relationship, fluctuations in oil prices can have significant consequences for both the energy industry and the economy as a whole.
