Kazakhstan's tenge could trade at 523-587 per US dollar in 2027-2029, according to the autumn regional economic review by the Eurasian Fund for Stabilization and Development (EFSR), infohub.kz reports.
"The tenge exchange rate forecast has been revised upward: an average of 482 tenge per dollar in 2026. In 2027-2029, a gradual weakening to 523-587 tenge per dollar is expected," the review's summary says.
According to the National Bank of the Republic of Kazakhstan, the current official rate stands at 451.31 tenge per dollar. For comparison, on January 1, 2026, it was 505.53 tenge per dollar, and at the start of 2025 it was 525.11 tenge per dollar.
The national currency is strengthening amid rising prices for oil, gas, metals and other key Kazakh export commodities. In addition, there is heightened demand for Kazakh government securities from foreign investors.
The review, prepared by economists, notes that Kazakhstan's economy will grow by 5% in 2026, as well as in 2027. This GDP growth next year will be achieved despite a decline in oil production following capital repairs at major projects carried over from this year. The main drivers of economic growth in 2027 will remain non-resource sectors and investment activity. In 2028-2029, Kazakhstan's GDP growth will slow to 4.1-4.2%.
Price growth will slow to 9.5% by the end of this year, remaining above the target of 5%. Over the next three years, inflation is projected at 8.8%, 7.8% and 6.8%, respectively.
In addition to Kazakhstan, the review contains macroeconomic forecasts for Armenia, Belarus, Kyrgyzstan, Russia and Tajikistan, including economic growth and inflation figures, as well as an analysis of key economic risks. The review was prepared by the EFSR team under the general guidance of Chief Economist Sergey Ulatov.