Currency value: Dollar decreased to 536 tenge
In the financial landscape of Kazakhstan, the exchange rate of the US dollar against the tenge has been a topic of interest lately. On August 6, 2025, the official exchange rate set by the National Bank of Kazakhstan stood at 537.53 tenge per dollar, with the weighted average trading rate on the Kazakhstan Stock Exchange hovering around 536.58 tenge per dollar[1].
While exchange offices in Almaty were buying the dollar at approximately 537.79 tenge and selling at 539.86 tenge, the rates in Astana were relatively lower, with a buy rate of 534.58 tenge and a sell rate of 541.58 tenge[1].
Recent interventions by the National Bank, although not explicitly detailed, have been hinted at by Kazakhstan’s First Deputy Prime Minister Roman Sklyar. On July 31, 2025, Sklyar stated that the National Bank was expected to take necessary measures to stabilize the exchange rate[1][2]. On August 1, the National Bank reported that it had used 125.6 million dollars to "save the tenge" that day[1].
Despite these measures, the National Bank is not intervening actively in the tenge rate as of the current situation, according to Prime Minister Oljas Bektenov. Bektenov emphasized that there are no factors currently that could lead to sharp fluctuations in the tenge's rate[1]. This sentiment is shared by most serious experts, who also do not foresee a sharp weakening of the tenge[1].
According to the government's briefing, Sklyar believes that the dollar rate will retreat from its current high. Bektenov, too, remains optimistic, stating that the tenge rate is determined solely by market principles[1].
In a separate article titled "Dollar at 543: What's Happening with Tenge, Experts Explain", Aliya Moldabekova, Deputy Chair of the National Bank, provided reasons for the current situation with the tenge exchange rate[1].
As the situation unfolds, the National Bank continues to closely monitor the exchange rate and take measures to stabilize it, as reflected in the slight depreciation of the dollar rate from late July to early August 2025 (from roughly 543 tenge to about 537 tenge per dollar)[1][2].
[1] Source: Kazakhstan's National Bank and the Kazakhstan Stock Exchange [2] Source: Government's briefing and statements from Kazakhstan's First Deputy Prime Minister Roman Sklyar and Prime Minister Oljas Bektenov
- The current high dollar rate in Kazakhstan, as cited by the government's briefing, has sparked discussions within the industry, particularly within finance and banking-and-insurance sectors, regarding its potential impact on economic stability.
- Several experts, while monitoring the exchange rate closely, have expressed optimism about the future of the tenge, believing that the dollar rate will retreat from its current high, a sentiment that echoes the position of Kazakhstan's First Deputy Prime Minister Roman Sklyar and Prime Minister Oljas Bektenov.
