currency depreciated, reaching over 542 tenge per dollar
Exchange Rates in Kazakhstan: Dollar Appreciation and a Weaker Tenge
The exchange rates in Kazakhstan have been on the rise, with the US dollar gaining value against the Kazakhstani tenge. According to data from kurs.kz, as of July 24, the exchange rates in major cities like Astana and Almaty show regional differences.
In these cities, exchange offices are buying dollars at around 539-540 tenge and selling them at 541-543 tenge. However, the exchange rates in Shymkent are higher, with exchange offices buying dollars at 539 tenge and selling them at 542.3 tenge. It's important to note that these rates may vary from the official rate set by the National Bank of Kazakhstan, which, as of July 24, is 538.64 tenge per dollar.
Looking ahead, economic conditions and expert projections suggest a weaker tenge relative to previous years. The US dollar to Kazakhstani tenge (USD/KZT) exchange rate forecast for summer 2025 generally indicates a weaker tenge, with the rate around 530-560 KZT per USD expected during this period.
Inflationary pressures are significant, with inflation reaching 11.3% in May 2025, contributing to the National Bank keeping the base interest rate elevated at 16.5%. The Eurasian Fund for Stabilization and Development (EFSD) projects the tenge could weaken further to 560 KZT per USD by 2027 due to inflation and other economic factors.
Despite a robust economic growth forecast of around 5% in 2025, inflationary pressures and currency depreciation remain key risks. The tenge hit a historic low of about 532.5 KZT per USD on the Kazakhstan Stock Exchange in mid-July 2025, rising from roughly 525.7 earlier that day. Market expectations and government revisions suggest a weakening trend, with the government adjusting its base forecast for 2026 from 475 to 540 tenge per USD, a 13.7% increase.
It's worth noting that the exchange rates in Shymkent are not the same as the rates predicted for summer 2025 by experts. The average exchange rate in June 2025 was expected near 459 KZT per USD, rising toward 555-579 KZT by August 2025, implying continued depreciation during summer.
In summary, based on economic conditions and expert projections, you can expect the USD/KZT exchange rate in summer 2025 to be roughly in the range of 530 to 560 tenge per US dollar, reflecting a weaker tenge relative to previous years due to inflation and external factors. The exchange rates provided are averages and may not represent the exact rates offered by all exchange offices in the cities.
Lastly, it's important to mention that the exchange rates in Shymkent are not affected by the most often counterfeited banknotes in Kazakhstan, as per the information available. The currency Dollar is rising in exchange offices in Kazakhstan, according to Liter.kz.
- In the forecast for summer 2025, the US dollar to Kazakhstani tenge (USD/KZT) exchange rate is predicted to range from 530 to 560 KZT per USD, pointing towards a weaker tenge in the business and finance industry.
- As the US dollar gains value against the Kazakhstani tenge, various factors such as inflationary pressures are contributing to a weaker tenge in the industry, which may lead to changes in business transactions and finance decisions.
