Analysts in Kazakhstan's financial market have worsened their expectations for the national currency's exchange rate and inflation over the coming years, according to infohub.kz.
The National Bank of Kazakhstan has published the results of its latest macroeconomic survey of professional financial market participants, conducted on August 27, 2026. According to the data, respondents expect the tenge to weaken: in 2026, the average exchange rate will be 490 tenge per US dollar, in 2027 – 516.2 tenge, and in 2028 – 562.2 tenge per dollar.
GDP growth forecasts remain unchanged: 4.8% in 2026, 4.6% in 2027, and 4.3% in 2028.
Inflation, according to experts, will remain in double digits and even accelerate slightly. The forecast for 2026 is kept at 10%, for 2027 it has been raised from 7.8% to 8.5%, and for 2028 – from 6.8% to 7%.
The base rate, according to median expectations, will remain at 16% in 2026. The forecast for 2027 has risen from 12.8% to 13%, and for 2028 it has slightly decreased from 10.6% to 10.5%. In five years, experts expect inflation to decline to 5.3% (previously 5.4%).