Kazakhstan cuts dollar purchases by 29.1% in September, euro demand surges

Net dollar sales through Kazakhstan's exchange offices totaled 100.3 billion tenge in September — 29.1% less than a month earlier and 6.48% below the figure a year ago. According to the National Bank of the Republic of Kazakhstan, this is one of the lowest readings for 2026: only May was lower, when net sales amounted to 65.3 billion tenge, the website infohub.kz reports.

Over the first nine months of 2026, net dollar sales reached 1,051.3 billion tenge. Net sales are defined as the difference between the volume of currency sold and bought by exchange offices.

While the dollar was turbulent, Kazakhstan's population favored the euro in September: demand for the European currency more than quadrupled over the month, with net sales approaching 8.7 billion tenge. That is 8% more than a year earlier.

Demand for the Russian ruble also remained positive in Kazakhstan — 4.2 billion tenge net for the month. That is roughly 25% less than a month earlier, although until July net sales of the Russian currency were negative altogether: the population sold rubles more often than it bought them.

Among less popular foreign currencies, demand for the British pound sterling stood out — 399.5 million tenge net, the highest value since November 2025.

The situation with the Chinese yuan was calm: net sales amounted to 61.2 million tenge for the month, neither the highest nor the lowest value. The highest figure of the current year was recorded in August — 134.9 million tenge.

Meanwhile, in 2026 the tenge strengthened noticeably against the dollar. At the end of last year the US currency settled around 505 tenge, but at the time of writing it stands at 451.05 tenge.

Still, Kazakhstanis hoping to profit from buying and selling foreign currency should remain cautious. The exchange rate is influenced by many factors, and not all of them can be identified in time.

A more reliable way to preserve and grow savings is bank deposits, which offer a guarantee of safety and an honest annual effective interest rate. That said, riskier alternatives also exist.