Kazakhstan intends to maintain a flexible exchange rate for the tenge against the dollar, Deputy Chairman of the National Bank Yerulan Zhamaubayev said at a government meeting, NUR.KZ correspondent reports. According to him, this approach allows the economy to adapt to external changes and prevents the accumulation of macroeconomic imbalances, the website infohub.kz reports.
Over the first nine months of this year, the national currency strengthened by 13.7%, to 440.5 tenge per dollar. As the deputy head of the National Bank noted, this was driven by a number of factors: increased supply of foreign currency amid moderate demand against the backdrop of high prices for oil and key export commodities, prevailing monetary conditions, and an inflow of non-resident investment into Kazakh government securities, whose volume reached 2.6 trillion tenge, up 786 billion tenge since the start of the year.
The volume of foreign currency sales from the National Fund on the exchange market over the nine months of 2026 amounted to 2.8 billion dollars. The total volume of liquidity withdrawal as part of mirroring reached 3.2 trillion tenge.
"The National Bank will continue to adhere to a flexible exchange rate regime, which allows the economy to adapt to external changes and prevents the accumulation of macroeconomic imbalances," Yerulan Zhamaubayev said.
He also recalled that in September the tenge-to-dollar exchange rate ranged between 458.37 and 439.27.