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Kazakhstan's National Bank is set to revise the regulations governing the official exchange rate of the tenge against foreign currencies. This initiative aims to broaden the spectrum of currencies included in the official rate-setting process, reflecting evolving international trade dynamics.

Expanding the Currency Portfolio

A key change involves expanding the list of foreign currencies against which the tenge's official rate is determined. Currently, this list comprises 39 currencies. However, the National Bank plans to increase this number to 48, incorporating nine new national currencies. These additions include the currencies of Vietnam, Egypt, Israel, Indonesia, Qatar, Mongolia, Oman, Pakistan, and Romania.

Rationale Behind the Update

The National Bank explained that this decision stems from an analysis of foreign trade turnover and payment currencies over the past five years. The update also takes into account requests from individuals and legal entities. Once the new regulations are adopted, the official tenge exchange rate will be set against a more comprehensive range of currencies actively used in international settlements.

This move is intended to align the National Bank's framework with updated legislation, including constitutional amendments, the Tax and Digital Codes, and the Law on the National Bank of the Republic of Kazakhstan.